Key takeaways

• Both houses of the US Congress have passed the Nuclear Agreement Review Act of 2015 allowing Congress to review any deal with Iran limiting Iran’s nuclear programme in exchange for removal of sanctions.
• A framework agreement was reached on 2 April between the EU, P5+1 (the US, UK, France, China, Russia and Germany) and Iran, described as parameters for a final agreement. Under the agreement, most UN, EU and US sanctions affecting Iran’s oil industry will be suspended or lifted.
• A deal with Iran is not yet final or certain: amongst other things, consensus has not been reached on what sanctions are to be removed under any final agreement.
• If a deal is reached and sanctions are lifted, any “rush back to Iran” will be slow and paced.