The U.S. and the rest of the so-called P5 +1 have extended the temporary exemption to sanctions against Iran through Nov. 30, 2014. The exemption allows the purchase of petrochemical products from Iran, including ammonia and urea. Despite the exemption, sources say few banks or insurance companies have been willing to support purchases of Iranian urea and ammonia.
The P5 +1 lifted the sanctions against the purchase or financing of Iranian urea and ammonia in January 2014 as part of the nuclear program negotiations. The renewal of the exemption came as the P5 +1 (China, France, Germany, Russia, the United Kingdom, and the U.S., with the European Union’s High Representative) extended talks with Iran to negotiate a comprehensive solution to ensure that Iran’s nuclear program will be peaceful.
Details of the U.S. Treasury Department rules can be found at http://www.treasury.gov/resource-center/sanctions/Programs/Documents/jpoa_guidance_ext.pdf.