The US and its European allies have begun preparations for lifting the trade sanctions against the Iranian economy this Sunday, as the nuclear deal comes into effect. But international companies will still not be able to open ties with Iran’s oil industry and banks at this stage, as the sanctions will remain in effect until Iran fulfils its end of the deal completely.
“These next steps will allow us to reach the objectives we set out to achieve over the course of nearly two years of tough, principled diplomacy,” President Obama said in a statement, adding, “I am confident in the extraordinary benefits to our national security and the peace and security of the world.”
Iran’s Foreign Minister Mohammad Javad Zarif and the European Union’s foreign policy chief Federica Mogherini on Sunday issued a joint statement, calling for speedy implementation of the Joint Comprehensive Plan of Action (JCPOA): “That’s another turning point that will brings us one step closer to start of implementation of the JCPOA, to which we are strongly committed. We observed the timetable in the JCPOA, which reveals our collective resolve to adhere to its provisions,” the statement read.
The sanctions waivers, which Obama issued on Sunday will only take effect, with trade resuming, after “implementation day,” when the nuclear watchdog IAEA confirms that Iran has dramatically scaled back its nuclear program. The Islamic Republic will surrender or dilute most of its enriched nuclear fuel stocks, dismantle (but not destroy) the majority of its centrifuges and pause its reactor which is capable of making plutonium.
US Secretary of State John Kerry said that “if fully implemented, it will bring unprecedented insight and accountability to Iran’s nuclear program forever. This is an important day for all of us and a critical first step in the process of ensuring that Iran’s nuclear program will be exclusively for peaceful purposes.”
The IAEA said Sunday that Iran has agreed to a greater monitoring of its commitment to the deal, for instance, it will allow short-notice inspections of sites the IAEA may suspect of undeclared nuclear activities.
