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Sanctions relief for Iran extended

Sanctions window extended to November.
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |   July 22, 2014 at 10:31 AM
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WASHINGTON, July 22 (UPI) -- The U.S. Treasury Department said sanctions relief on Iran, which includes oil export provisions, is extended through November.

Iran under the terms of a November 2013 agreement secured relief from some of the sanctions targeting its energy sector in exchange for a pledge to cut back on its nuclear research activity.

The International Atomic Energy Agency, the United Nations' nuclear watchdog, said Iran has converted its uranium stockpiles into a form that's difficult for use in a nuclear weapon.

The Treasury Department said members of the P5-plus-1 -- Britain, China, France, Russia, the United States plus Germany -- agreed with Iran to continue moving forward under the terms of the November 2013 joint plan of action.

"The U.S. government has extended through Nov. 24, 2014, the sanctions relief provided for in the joint plan of action," the Treasury Department said Monday.

Iran is limited to exporting approximately 1 million barrels of oil per day under the terms of the arrangement.

U.S. State Department spokeswoman Jen Psaki said last week Iran has been operating according to the terms of the 2013 agreement.

"We feel comfortable that the crude oil exports of Iran are remaining in the million to 1.1 million barrel a day average," she said.

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