The UN Security Council voted unanimously today to ratify the Joint Comprehensive Plan of Action (JCPOA) agreed to in Vienna last week. U.N. Security Council Resolution 2231 (full text) expressly endorses full implementation of the JCPOA, which would lift all UN sanctions and several EU and U.S. sanctions after Iran has taken specified steps to curb its nuclear program. Resolution 2231 also requests that the U.N. International Atomic Energy Agency (IAEA) Director General closely monitor Iran’s nuclear commitments under the agreement and submit regular updates to the IAEA Board of Governors.
The U.N. Security Council’s ratification was a key first step in the adoption of the Vienna accord, but equally key is U.S. approval, which is still subject to action by the U.S. Congress. While the U.S. Congress will have 60 days to affirm or reject the agreement, President Obama has already vowed to veto any measure rejecting the JCPOA. This means the U.S. Congress must muster a two-thirds majority in both congressional chambers to override a presidential veto and reject the deal.
For a brief overview of the JCPOA, see our June 14, 2015 post
on the historic agreement. For an in-depth analysis on the JCPOA’s business implications, see our July 15 client alert