The EU lifted all of its economic and financial sanctions imposed in connection with the Iranian nuclear program on January 16, 2016 pursuant to the Joint Comprehensive Plan of Action (JCPOA) between the E3/EU+3 (China, France, Germany, the Russian Federation, the UK, and the US, with the High Representative of the EU for Foreign Affairs and Security Policy) and the Islamic Republic of Iran. In particular, individuals and entities may now:

1. transfer funds between EU and Iranian individuals and entities;
2. open representative offices, subsidiaries, joint ventures or bank accounts in Iran;
3. provide insurance and reinsurance to Iranian individuals as well as to the Iranian government;
4. trade in Iranian crude oil and oil-related products, natural gas and petrochemical products, as well as engage in related financing;
5. seek financial support to engage in trade with Iran; and
6. trade in gold and other precious metals and diamonds.

However, certain proliferation-related measures and restrictions remain in place, e.g., an arms embargo, restrictive measures related to missile technology, restrictions on certain nuclear-related transfers and activities, and provisions concerning certain metals and software which are subject to an authorization regime. Additional restrictive measures were imposed by the EU in relation to serious human rights violations in Iran, support for terrorism, and other grounds. They include travel restrictions and asset freezes, and embargoes on equipment that may be used for internal repression and on equipment that may be used to monitor or intercept the Internet and telephone communications. Additional information can be found here.