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International nuclear sanctions against Iran lifted

Blog Post created by jillian.sherburne Champion on Jan 17, 2016

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Iran nuclear deal: 'New chapter' for Tehran as sanctions end - BBC News

Iran "has opened a new chapter" in its ties with the world, President Hassan Rouhani said, hours after international nuclear sanctions were lifted.

The move came after the international nuclear watchdog, the IAEA, said Iran had complied with a deal designed to prevent it developing nuclear weapons.

UN, US and EU sanctions have hit Iran hard for years.

Sanctions on Iran

Nuclear sanctions have been in place since 2006, on top of other sanctions stretching back decades:

  • The economic sanctions being lifted now were imposed progressively by the US, EU and UN in response to Iran's nuclear programme
  • The EU is lifting in full restrictions on trade, shipping and insurance
  • The US is suspending, not terminating, its nuclear-related sanctions; crucially, Iran can now reconnect to the global banking system
  • The UN is lifting sanctions related to defence and nuclear technology sales, as well as an asset freeze on key individuals and companies
  • Non-nuclear US economic sanctions remain in place, notably the ban on US citizens and companies trading with Iran, and US and EU sanctions on Iranians accused of sponsoring terrorism remain in place

Iran plane.jpgA flurry of Iranian economic activity is anticipated:

  • Nearly $100bn (£70bn) of Iranian assets are being unlocked
  • Iran is expected to increase its daily export of 1.1m barrels of crude oil by 500,000 shortly, and a further 500,000 thereafter
  • Iran is reportedly poised to buy 114 new passenger planes from the Airbus consortium

 

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