The International Atomic Energy Agency has declared that Iran has met its side of the nuclear deal, which will see huge economic sanctions lifted from the Islamic Republic.
The head of the United Nations’ nuclear agency confirmed that Iran has curbed its ability to make nuclear bombs, and as agreed with world powers in July last year, in return would mean that the nation would be able to gain hugely from the sanctions being lifted.
The sanctions imposed by the European Union, United Nations and U.S.A included the freezing of billions of dollars of assets, disallowing Iranian oil to be sold internationally and trading on global financial markets. The sanctions have cost the country more than $160bn in oil revenue since 2012.
After a decade of unprecedented economic sanctions, which has crippled their economy, Iran, the holder of the world’s fourth-largest reserves of crude and largest of natural gas, is about to be back in business.
The announcement will trigger a financial windfall for Iran, as it stands to gain access to more than $100bn in assets frozen overseas, and will be able to resume selling oil on international markets and using the global financial system for trade
The director General of the International Atomic Energy Agency, Yukiyo Ama said that “Relations between Iran and the IAEA now enter a new phase. It is an important day for the international community. I congratulate all those who helped make it a reality.”
10 American Sailors had been detained on the Iranian Farsi Island by the Iranian Revolutionary Guard after what they initially accused them of spying. However, after spending a night there being interrogated the 9 men and 1 woman have been released back into international territory.
The sailors had accidentally strayed into Iranian waters, after their boats has suffered a mechanical problem. This was confirmed by General Ali Fadavi, Navy chief of Iran’s Revolutionary Guard, who confirmed a “broken” navigation system caused the boats to stray into Iranian waters. US Secretary of State, John Kerry, also credited newly developed ties with Iran in helping secure the quick and safe release.
After successfully avoiding an almost identical situation in 2007, where UK sailors and marines were captured for similar reasons by Iran- but for almost two weeks, is this a new beginning for American and Iranian ties?
This was a hugely important test to pass, just days ahead of the implementation of the Nuclear Deal which will see international sanctions being lifted from Iran. It’s a landmark deal which will allow Iran to access international oil markets and operate on the global financial system for trade. But, it is equally important for Barack Obama and his administration that tensions do not escalate, as it could become a stumbling block for the nuclear deal and future relations.
The relations between the two countries are softening, and it is deeply important for both nations that they continue to do so.
John Kerry also said that this was a “testament to the critical role that diplomacy plays in keeping our country safe”.