As reported in our Client Alert of December 2013, the “Joint Plan of Action” reached between the United Kingdom (“UK”), the United States (“U.S.”), Germany, France, Russia and China (collectively known as the “E3+3”) and Iran in November 2013 envisaged a two-step process in relation to relief from international trade sanctions against Iran.

On 12 January 2014, it was announced that the first step, the interim deal (with a time limit of six months renewable by mutual consent) between the E3+3 and Iran, would begin to run on 20 January 2014.

For further details of the measures put in place by both the United States and the European Union, please see the Reed Smith Client Alert by David Myers, Sian Fellows, Lisa Mason, Alexandra Allan, Sarah Rogers and Alexandra Gordon.