L 215/4 Official Journal of the European Union 21.7.2014 COUNCIL DECISION 2014/480/CFSP of 21 July 2014 amending Decision 2010/413/CFSP concerning restrictive measures against Iran THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty on European Union, and in particular Article 29 thereof, Whereas: (I)  On 26 July 2010, the Council adopted Decision 2010/413/CESP (*) concerning restrictive measures against Iran. (2) On 24 November 2013, China, France, Germany, the Russian Federation, the United Kingdom and the United States, supported by the High Representative of the Union for Foreign Affairs and Security Policy, reached an agreement with Iran on a Joint Plan of Action which sets out an approach towards reaching a long-term compre- hensive solution to the Iranian nuclear issue. It was agreed that the process leading to this comprehensive solu- tion would include, as a first step, initial mutually-agreed measures to be taken by both sides for a duration of six months and renewable by mutual consent. (3)  As part of this first step, Iran would undertake a number of voluntary measures as specified in the Joint Plan of Action. In return, a number of voluntary measures would be undertaken which would include, for the Union, the suspension of restrictive measures concerning the prohibition on the provision of insurance and reinsurance and transport for Iranian crude oil, the prohibition on the import, purchase or transport of Iranian petrochemical products and on the provision of related services, and the prohibition on trade in gold and precious metals with the Government of Iran, its public bodies and the Central Bank of Iran, or persons and entities acting on their behalf. The suspension of those restrictive measures would last for a duration of six months during which the relevant contracts would have to be executed. (4)  Furthermore, the Joint Plan of Action also foresees a tenfold increase of the authorisation thresholds in relation to the transfers of funds to and from Iran. (50 On 20 January 2014, the Council adopted Decision 2014/21/CFSP () amending Decision 2010/413/CESP in order to implement the provisions concerning the Union restrictive measures contained in the Joint Plan of Action. (6) On 19 July 2014, China, France, Germany, the Russian Federation, the United Kingdom and the United States, supported by the High Representative of the Union for Foreign Affairs and Security Policy, agreed with Iran to extend the implementation of the measures of the Joint Plan of Action until 24 November 2014. (7)  The suspension of the Union restrictive measures specified in the Joint Plan of Action should therefore be extended until 24 November 2014. Relevant contracts would have to be executed within that date. (8)  Decision 2010/413/CESP should therefore be amended accordingly, HAS ADOPTED THIS DECISION: Article 1 Article 26a of Decision 2010/413/CESP is replaced by the following: ‘Article 26a 1. The prohibition set out in Article 3a(1) shall be suspended until 24 November 2014 insofar as it concerns the transport of Iranian crude oil. 2. The prohibition set out in Article 3a(2) shall be suspended until 24 November 2014 insofar as it concerns the provision of insurance and reinsurance, related to the import, purchase, or transport of Iranian crude oil. 3. The prohibition set out in Article 3b shall be suspended until 24 November 2014. () OJL195,27.7.2010, p. 39. (%) Council Decision 2014/21/CFSP of 20 January 2014 amending Council Decision 2010/413/CFSP concerning restrictive measures against Iran (OJ L 15, 20.1.2014, p. 22).