Australia Lifts Some Sanctions Against Iran

After receiving approval from the United Nations, the Australian government announced on Wednesday, March 2, that it would lift some economic sanctions against the Islamic Republic. According to Reuters, following this ruling, Australian traders are no longer required to obtain legal permits for transactions over 20,000 Australian dollars with Iranians. The news agency also reported based on an official statement from the Australian government that this decision was made after receiving confirmation from the UN that the Islamic Republic is complying with its commitments under the JCPOA. After years of negotiations with global powers, the Islamic Republic, under the government of Hassan Rouhani, reached a nuclear agreement with the P5+1 group this summer, committing to suspend most of its nuclear activities in exchange for the lifting of crippling economic and political sanctions. Following this 'historic' agreement, the United States and other countries officially lifted economic sanctions, including in banking and shipping, last January, allowing Iran to attract foreign investments again. However, Reuters noted in its report on Wednesday that some of Australia's 'non-nuclear' sanctions against the Islamic Republic remain in effect. Among these sanctions that will still be enforced are arms and ballistic missile sanctions against Iran, as well as cash transfers through third countries to Iran and North Korea. This issue has also affected Iran's relations with American banks. Reuters previously reported, citing banking and political officials, that although nuclear sanctions have been lifted, sanctions related to 'terrorism' and 'human rights' continue to keep Iran outside the operational scope of American banks. Before Australia, countries such as Canada, Japan, and Switzerland had also lifted some of their sanctions against the Islamic Republic.