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Iran announces partial withdrawal from nuclear deal

SEbastiaan Bennink†en Yvo Amar

On 8 May 2019, Iran announced its partial withdrawal from the 2015 Iran nuclear deal, the JCPOA. Iran will stop exporting excess uranium and heavy water from its nuclear program as is called for by the nuclear deal.†

Iranís decision follows a year after United States ("US") President Trumpís decision to withdraw from that deal. In recent weeks, the US increased pressure on Iran by Ė among others Ė cancelling deals which allowed Iran to exchange its enriched uranium for unrefined yellowcake uranium with Russia and revoking waivers for nations to buy Iranian crude oil.

Iran urged the remaining signatories - the EU, China and Russia - to alleviate the pressure on Iran. It set a 60-day deadline for new terms to the deal before it will start scaling back further compliance with the nuclear deal, by resuming higher uranium enrichment and by measures related to the modernisation of Arak Heavy Water Reactor.†

According to Reuters news service, sources in the office of the French president Macron said that worldwide sanctions could be imposed on Iran if it denies the terms of the nuclear deal. President Rouhani emphasised Iranís will to return to its commit-ments under the JCPOA ďif the other parties join negotiations and help Iran to reach its benefits in the field of oil and bankingĒ, but warned for a "strong reaction" if European leaders instead seek to impose more sanctions on Iran via the U.N. Security Council.†

Wladimiroff advises many companies interested in or doing business in Iran. Should you wish to have more information on these recent Iran related developments and understanding how they may affect your business, please contact us at y.amar@wlaws.com or at s.bennink@wlaws.com.