Post nuclear deal contracts with Iran will not be exempt from snap-back sanctions: sources

Companies that sign contracts with Iran after the nuclear deal is implemented would not be "grandfathered in" automatically and would have to wind down their work there if the US snap backs sanctions on Tehran, according analysts and persons familiar with the Obama administration's plans to enforce the pact.

To allow the contracts to continue would undermine the credibility of any snap-back, sources close to the negotiations, who spoke on condition of anonymity, said in interviews.

Under the deal announced July 14, the US, EU and UN have agreed to begin phasing out their sanctions on Iran's oil sector once it meets certain conditions of the nuclear pact, though they have reserved the right to snap back, or reapply, sanctions if they determine Iran is not complying with any aspect of the deal.

Read the full article at Platts.