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Iran sees its first sanctions removal since the nuclear agreement

in International Business

Iran sees its first sanctions removal since the nuclear agreement

The European Union has lifted sanctions on two Iran oil companies which are part of a group involved in extracting natural gas from Iran’s South Pars field.

This is the first such action since Iran reached a nuclear agreement with world powers earlier this month.

The two companies, Petropars Operations and Management and Petropart Resources Engineers, had appealed to the EU court in May and argued that there was insufficient evidence to include them in the sanctions list.

A note from the UK Treasury said an asset freeze no longer applied to the companies.

Meanwhile, the EU court maintained sanctions on two companies, Petropars Iran and Petropars Oilfields Services.

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