European Union Extends Suspension of Some Sanctions Against Iran

On Tuesday, the European Union extended the suspension of some sanctions against Iran to curb its nuclear program. This decision by the EU was announced following the extension of nuclear negotiations for another seven months. According to a report by AFP from Brussels, this extension includes the suspension of the ban on maritime oil transport insurance, gold transactions, and some financial transfers. The EU's diplomatic section stated in a statement that the 28 member states of the union extended the suspension of EU restrictive measures against Iran until June 30, 2015. The members of the union made this decision in writing. A diplomatic source told AFP, "The negotiations have been extended, and the suspension of punitive measures has also been extended." The suspension of sanctions includes the ban on insurance and transportation of Iranian crude oil, which was implemented in 2012. This decision, along with the oil purchase sanctions, led to a 50% reduction in Iran's oil exports. The EU also suspended the ban on trading gold and precious metals and petrochemical products and raised the ceiling on financial transfers not related to other sanctions. The EU first suspended this category of sanctions following a report by the International Atomic Energy Agency, which stated that Iran had committed to the temporary agreement of November 2013 to reduce its nuclear activities. The suspension of sanctions was extended in July of this year to align with the final deadline for negotiations with Iran, which was November 24, 2014. Iran and world powers failed to reach an agreement on Monday, December 3, in nuclear negotiations to end a 12-year stalemate. The negotiations were extended by mutual agreement for another seven months. The mentioned agreement was reached after seven days of intensive negotiations in Vienna, the capital of Austria, with the participation of the foreign ministers of Iran, the USA, Russia, China, the UK, France, and Germany. A spokesperson for the EU said that with the end of the term of the EU foreign policy chief, a decision must be made this week regarding the selection of a new representative for these negotiations or the possibility of extending the special mission of Catherine Ashton to continue these discussions.