only in January 2014, followed by an Interim Deal between UE+3 and Iran, established in 2013. The following year, after the conclusion of the deal on nuclear energy oil, an Italian delegation guided by Carlo Calenda, consisting in Confindustria's leaders and CEI that represented 180 small-medium companies and 12 banks, arrived in Iran. The goal was to prepare the state for the removal of penalties imposed in 2006 for the nuclear program. After the entry into force of the JCPOA in 2015 and the interruption of the sanctions, Rouhani chose Italy for his first state trip. On this occasion, the memorandum of understanding for a total of twenty billion euros was signed. Among the most important groups involved there were Pessina, Saipem, Danieli, Fincantieri, Gavio Group, COET, Vitali, SEA, Enel, Belleli, Stefano Boeri Architetti, Itway, Italtel, Marcegaglia, Fata Spa, IMQ, and so on. Many agreements never materialized, due to the primary sanctions imposed by the US, but also secondary sanctions not related to the nuclear problem. Large banking groups, due to their links with the US market, could not make transactions to the Iran market. They risked incurring US Treasury sanctions. Part of this problem was addressed in January 2018 by the Ministry of Economic Development with the proposal of a Master Credit Agreement. It intended to regulate any future financing agreement concluded between Invitalia Global Investment and Iranian banks for a total amount of five billion euros and was covered by a sovereign guarantee issued by the Iranian state. The agreement, however, is still waiting for the transformation into a decree-law to become effective. Economic relations Italy has been and is significantly present in Iran's foreign relations. Although the economic and commercial relations between the two countries have experienced ups and downs over time, Italy has ranked at the top in Europe in terms of volume of trade with the Islamic Republic of Iran. In 2010, the volume of trade relations between the two countries exceeded seven billion euros. In 2015 with the imposition of severe sanctions on Iran, the volume of trade fell to less than two billion euros. With the signing of the Nuclear Agreement and subsequently the exchange of visits by the President of the Islamic Republic of Iran and the then Prime Minister of Italy to Rome and Tehran respectively, agreements and MoUs for a value of 30 billion euro were signed for economic and