Iran & G5+1 finally reached Deal , Making way for Sanctions to be Lifted

World Powers G5+1 reaches Deal with Iran on Nuclear issuesJNN 17 July 2014 Vienna : Iran and six major world powers reached a nuclear deal on Tuesday, capping more than a decade of negotiations with an agreement that could transform the Middle East.

Iran and the European Union say the conclusion of nuclear talks between the Islamic Republic and six world powers marks a “historic day” after more than a decade of intensive talks.

“This is an historic day also because we are creating the conditions for building trust and opening a new chapter in our relationship,” said a statement read by EU foreign policy chief Federica Mogherini and Iran’s Foreign Minister Mohammad Javad Zarif in Vienna on Tuesday.

The statement acknowledged the difficulty of negotiations over the past years, adding, “But despite all twists and turns of the talks, and the number of extensions, hope and determination enabled us to overcome all the difficult moments.”

It described the conclusion of talks as a “good deal for all sides – and the wider international community.”

Iran and the P5+1 group of world powers concluded talks on Joint Comprehensive Plan of Action (JCPOA) , which will put limits on Iran’s nuclear program in exchange for the removal of sanctions against the Islamic Republic.

The conclusion will, according to Iranian officials, be presented to the United Nations Security Council (UNSC), which will adopt a resolution in seven to 10 days making the JCPOA an official document.

Based on the conclusion, which has been concluded with due regard for Iran’s red lines and is considered a nuclear achievement for the country, the world powers recognize Iran’s civilian nuclear program, including the country’s right to the complete nuclear cycle.

The UNSC sanctions against the Islamic Republic, including all economic and financial bans, will be lifted at once under a mutually agreed framework and through a new UN resolution.

None of the Iranian nuclear facilities will be dismantled or decomissioned.

Furthermore, nuclear research and development activities on all types of centrifuges, including advanced IR-6 and IR-8 machines, will continue.

The agreement is a political triumph for both West , which has long awaited to take their share in Investment in Lucrative Projects in Iran, and Iran will benefit from easing of sanctions due to which the Irani economy was heavily under Pressure , It should also be mentioned that the Irani Nation very Bravely and Boldly faced the Sanctions , for which they Paid a Heavy Price for sustaining different financial , educational , Commercial embargoes

“Today is the end to acts of tyranny against our nation and the start of cooperation with the world,” Rouhani said in a televised address. “This is a reciprocal deal. If they stick to it, we will. The Iranian nation has always observed its promises and treaties.”

British Foreign Secretary Philip Hammond told reporters that the deal was about more than just the nuclear issue:

“The big prize here is that, as Iran comes out of the isolation of the last decades and is much more engaged with Western countries, Iranians hopefully begin to travel in larger numbers again, Western companies are able to invest and trade with Iran, there is an opportunity for an opening now.”

The nuclear-related economic and financial restrictions imposed by the United States and the EU targeting the Iranian banking, financial, oil, gas, petrochemical, trade, insurance and transport sectors will at once be annulled with the beginning of the implementation of the agreement.

It will probably be months before Iran receives the benefits from the lifting of sanctions because of the need to verify the deal’s fulfillment. Once implementation is confirmed, Tehran will immediately gain access to around $100 billion in frozen assets, and can step up oil exports that have been slashed by almost two-thirds.

The arms embargo imposed against the Islamic Republic will be annulled and replaced with certain restrictions, which themselves will be entirely removed after a period of five years.

Additionally, tens of billions of dollars in Iranian revenue frozen in foreign banks will be unblocked.

A total of 800 natural persons and legal entities, including the Central Bank of Iran (CBI), the Islamic Republic of Iran Shipping Lines and the National Iranian Oil Company (NIOC), will be taken off sanctions lists.

Tehran has long denied seeking a nuclear weapon and has insisted on the right to nuclear technology for peaceful means.

The prospect of a deal has already helped push down global oil prices because of the possibility that Iranian supply could return to the market.

Oil prices tumbled more than a dollar on Tuesday after the deal was reached. The current prices of Oil are revolving around US$50.00 , And it is expected that the Oil Prices will tumble down to a Price of US$40.00, after the sanctions are lifted from the sale of Irani Oil in the International Market.

Iranians gesture as they celebrate in the street following a nuclear deal with major powers, in Tehran July 14, 2015. REUTERS/TIMA

Iranians gesture as they celebrate in the street following a nuclear deal with major powers, in Tehran July 14, 2015.

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