Oil Report

TIMELINE-Implementation of the Iran nuclear agreement

July 14 (Reuters) - Following is a summary the timeline for the implementation of the Joint Comprehensive Plan of Action agreed between Iran and six major powers on July 14,

There are no specific dates. It begins “upon conclusion of the negotiations”.

FINALISATION DAY: * Iran and the major powers “endorse” the plan, known as JCPOA. * The “promptly” submit it to the United Nations Security Council for adoption “without delay”. * The European Union will “promptly” endorse the resulting United Nations Security Council resolution. * Iran and International Atomic Energy Agency (IAEA) will start developing arrangements to implement all transparency measures so that they are ready for Implementation Day.

ADOPTION DAY: * Takes place 90 days after endorsement by the UN Security Council, or earlier by mutual consent of all the parties. * JCPOA participants will begin making necessary arrangements and preparations for the implementation of commitments. * Iran notifies IAEA that it will apply the Non-Proliferation Treaty’s Additional Protocol (enhanced inspection regime) provisionally with effect from Implementation Day. * Iran starts implementing commitments relating to past nuclear activities. * EU will adopt a regulation lifting nuclear-related sanctions with effect from Implementation Day “simultaneously” with IAEA verification of agreed nuclear-related measures by Iran. * The president of the United States will issue sanctions waivers to take effect on Implementation Day.

IMPLEMENTATION DAY: * Occurs when IAEA verifies Iran has complied with nuclear-related measures. * The EU suspends or terminates nuclear-related sanctions specified in Annex II of the JCPOA * The United States ceases application of nuclear-related sanctions specified in Annex II. * The United Nations terminates sanctions.

TRANSITION DAY: * Takes place eight years from Adoption Day, or earlier upon a report from the IAEA director-general stating the IAEA has reached a conclusion that all nuclear material in Iran remains for peaceful activities. * The EU terminates any remaining sanctions. * The United States terminates or modifies remaining sanctions including seeking necessary legislative changes. * Iran will ratify Additional Protocol on enhanced inspections.

TERMINATION DAY: * Takes place 10 years from Adoption Day provided no UN sanctions have been reinstated. * UN will pass resolution approving termination of JCPOA. * The UN Security Council “would no longer be seized of the Iran nuclear issue”, or close the file. (Compiled by John Kemp Editing by Jeremy Gaunt)