Global menu

Our global pages

Close

Eversheds comment: Iran deal heralds start of tricky new process on sanctions removal

  • Middle East
  • Europe

    14-07-2015

    Commenting on news that Iran and six major world powers have reached a nuclear deal, Zia Ullah, partner and sanctions expert at law firm Eversheds, says:

    "The historic announcement made today is the culmination of many years of significant investment in diplomacy and relationship building. However, in reality this will be the start of a new process, one which has many potential hurdles and detractors.

    "The key issue for Iran has been sanctions and it would appear that a clear road map to their ultimate removal now exists. The next challenge will be to persuade domestic stakeholders that the removal of sanctions will be in the long term interests of all parties. From a US perspective, the greatest threat to the potential derailment of any deal is Congress as they now have 60 days in which to review the agreement.

    "President Obama has stated that the issues are of such importance as to require congressional consensus, but it remains to be seen whether or not this can be achieved.

    "It is likely that the EU will not face similar difficulties in gaining mainstream approval for the deal given the huge commercial interests many EU countries had in Iran.

    "The challenges ahead will include the potential divergent US/EU approach to sanctions and in particular the ability (or not) of global companies to resume their business activities in Iran."

    Disclaimer

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

    < Go back

    Print Friendly and PDF
    Register to receive regular updates via email.