March 29, 2016
Category: Global Markets, International Trade, International Development Committee (IDC) Library
The Joint Comprehensive Plan of Action (JCPOA) was implemented on January 16, 2016,the date the International Atomic Energy Agency (IAEA) submitted an inspection report that Iran has reduced specified nuclear-related measures.
This triggered immediate suspension of certain sanctions. The goal of JCPOA is to eventually terminate major sanctions in exchange for IAEA verified implementation by Iran of its key nuclear commitments.
Until then, export controls by Treasury’s Office of Foreign Assets Control (OFAC) and by the Department of Commerce’s Bureau of Industry and Security (BIS)will continue to be enforced.