Key takeaways

• Sanctions relief under the Iran nuclear deal took effect on January 16, 2016.
• The U.S. has suspended most secondary sanctions applicable to non-U.S. companies dealing with Iran, authorized non-U.S. entities owned or controlled by a U.S. person to transact most business with Iran, and removed many entities from U.S. sanctions lists.
• The EU has terminated the majority of the restrictions on trade and finance transactions with Iran.
• Despite these changes, important restrictions remain in effect, and firms seeking to do business with Iran should proceed with care.