Further to our alert issued on 24 June 2015, the E3+3 (or P5+1) states and Iran have now agreed on a Joint Comprehensive Plan of Action (JCPOA). The agreement was concluded on 14 July 2015 in Vienna and, although the full text is not currently officially available, in basic terms it sees Iran accepting strict limits on its nuclear programme, including extensive monitoring by the International Atomic Energy Agency (IAEA). In return, the numerous financial and economic sanctions imposed against Iran will be suspended or cancelled in due course. The JCPOA will be incorporated into a new United Nations Security Council Resolution, envisaged to be passed by the end of this month but not taking effect for 90 days (to allow for domestic political review to be completed).
Given the multicultural make-up of employees in the UAE and other Gulf States, businesses will need to pay close attention to whatever regulations apply not only to the company by virtue of its location (UN sanctions, for example) but also those that apply to their staff by virtue of nationality.
Any alteration in position will require the issuance of relevant implementing regulations by the various states (US) and supranational entities (UN and EU), which will be conditional on the IAEA confirming Iran's compliance with the JCPOA. The bottom line is that, for now, the situation remains unchanged. We will continue to monitor and report on the developments as they happen.
The bottom line is that, for now, the situation remains unchanged. We will continue to monitor and report on the developments as they happen.