Today, the Joint Commission of the JCPOA (the body responsible for overseeing the implementation of the JCPOA) held a ministerial level meeting in Vienna to discuss the continued implementation of the Iran nuclear deal in light of the recent US decision to withdraw from the agreement and to reimpose sanctions on Iran. Statement here.
The meeting was chaired by EU High Representative Federica Mogherini and was attended by representatives from China, France, Germany, Russia, UK and Iran. They all reconfirmed their commitment to the full and effective implementation of the nuclear deal, and affirmed their commitment regarding the following objectives:
· The maintenance and promotion of wider economic and sectoral relations with Iran;
· The preservation and maintenance of effective financial channels with Iran;
· The continuation of Iran’s export of oil and gas condensate, petroleum products and petrochemicals;
· The continuation of sea (including shipping and insurance), land, air and rail transportation relations;
· The promotion of export credit cover;
· Clear and effective support for economic operators trading with Iran, particularly SMEs;
· The encouragement of further investments in Iran;
· The protection of economic operators for their investment and other commercial and financial activities in or in relation to Iran;
· The bringing together of private and public-sector experts, including through the promotion of Business Councils;
· The practical support for trade with and investment in Iran; and
· The protection of companies from the extraterritorial effects of US sanctions (see previous blog on the updating of the EU Blocking Statute).