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Congressional Research Service Washington United States
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The comprehensive nuclear accord Joint Comprehensive Plan of Action, or JCPOA, finalized on July 14, 2015, provides Iran broad relief from U.S., U.N., and multilateral sanctions on Irans energy, financial, shipping, automotive, and other sectors. Sanctions were suspended or lifted upon the International Atomic Energy Agency IAEA certification on January 16, 2016, that Iran had complied with the stipulated nuclear dismantlement commitments under the agreement Implementation Day. Iran is now able to freely export crude oil and to access its foreign exchange reserves held in foreign banks - a net amount gross amount minus what is committed to creditors of nearly 60 billion. On Implementation Day, Administration waivers of relevant sanctions laws went into effect and relevant Executive Orders were revoked through a new Executive Order 13716. Remaining in place are those secondary sanctions sanctions on foreign firms that have been imposed because of Irans support for terrorism, its human rights abuses, its interference in specified countries in the region, and its missile and advanced conventional weapons programs. Most sanctions that apply to U.S. companies remain in place. Under U.N. Security Council Resolution 2231 of July 20, 2015, U.N. sanctions terminated as of Implementation Day, but U.N. restrictions on Irans development of nuclear-capable ballistic missiles and its importation or exportation of arms remain in place for limited periods of time.
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