EU extends suspension of restrictive measures on Iran to November 24

The European Union (EU) has extended the suspension of restrictive measures on Iran over its nuclear programme until November 24, the Council of EU Monday said in a statement.

Under the sanction relief specified in the Joint Plan of Action, the Islamic republic could continue parts of its international oil trade, which is the pillar of the country’s economy.

“The suspension allows: the provision of insurance and transport in relation to Iranian crude oil sales to current customers, the import, purchase or transport of Iranian petrochemical products, as well as trade in gold and precious metals with the Iranian government and its public bodies,”the statement said.

Meanwhile, in the duration of next four months, the increase in thresholds for authorising financial transfers to and from Iran also remains in force, according to EU’s decision.