On May 8, 2018, the President of the United States of America (the “President”) announced the withdrawal of the United States from the Joint Comprehensive Plan of Action (the “JCPOA”), an agreement regarding Iran’s nuclear program entered into between the P5 + 1 – the United States, the United Kingdom, France, China, Russia and Germany – and Iran on July 14, 2015. The JCPOA requires Iran to achieve and maintain certain milestones, including alterations in its nuclear infrastructure and reductions in its nuclear fuel centrifuges and supplies of nuclear materials, in exchange for suspension of certain economic and financial sanctions previously imposed by the United Nations Security Council, the European Union and the United States in response to Iran’s nuclear proliferation activities. As a consequence of U.S. withdrawal from the JCPOA, U.S. sanctions suspended in connection with the JCPOA will be re-imposed.
