"The Council has extended until 30 June 2015 the suspension of EU restrictive measures specified in the Joint Plan of Action agreed by E3/EU+3 [group of six world powers also known as P5+1] and Iran on 24 November 2013," the Council of the EU said in a press release published on its official website.
Under the sanction relief, the Islamic republic could continue some international oil trade, which is the pillar of the country's economy.
The suspension will allow "the provision of insurance and transport in relation to Iranian crude oil sales to current customers, the import, purchase or transport of Iranian petrochemical products, as well as trade in gold and precious metals with the Iranian government and its public bodies," the document said.
The corresponding legal acts will be published in the EU Official Journal later on Tuesday.
The EU sanctions against Iran in particular ban the export and import of arms, financial transactions with Tehran, investment into Iran’s petrochemical industry, insurance for oil tankers and the import of gem stones and metals.
Last November in Geneva, the P5+1 nations (Russia, the United States, the United Kingdom, China, France and German) and Iran adopted a joint action plan, under which Tehran agreed not to enrich uranium above 5 percent, to slow the development of its nuclear program and allow inspections by International Atomic Energy Agency (IAEA) experts. The West, in its turn, agreed to partial sanctions relief.
The latest round of talks between Iran and the P5+1 countries wrapped up in Vienna on Monday without the parties reaching a comprehensive deal on Iran's nuclear program. The sides agreed to prolong the Geneva agreements and continue their dialogue until July 2015.