The measures, set to go into effect on Monday, are interim steps that expire on 19 July.

That means any contracts that benefit from the eased restrictions on trade to Iran should be limited in duration and should have express provisions protecting the parties if sanctions are reimposed, says Jonathan Epstein, a partner at Holland & Knight.

“There is a real possibility that these will simply expire in six months, and if that’s the case the [US] State Department has made clear informally that there is not going to be grandfathering,” he told TradeWinds.

Parties