US, World Powers Reach Historic Enrichment Deal with Iran
The U.S. and other P5 + 1 countries struck a historic deal with Iran early on July 14 to provide guidelines and directives to administer the Iranian nuclear enrichment program, the White House and other negotiators said in statements. The accord will launch a rollout of U.S. “phased sanctions relief upon verification that Iran has implemented key nuclear commitments,” said the Treasury Department’s Office of Foreign Assets Control in its July 14 directive (here).
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The two sides reached a preliminary deal in April (see 1504020058), and extended deadlines repeatedly over the past two weeks before ultimately locking in an agreement (see 1507130019). The Obama administration will issue more guidance on the sanctions relief “shortly,” said OFAC. The relief authorized through July 14 will remain in effect until the enrichment deal is implemented, OFAC said. That relief has paved the way for U.S. exports to the Iranian market, including airplanes, airplane parts, agriculture and other U.S. goods (see 1412090026).
President Barack Obama signed legislation into law in late May that requires congressional review of the deal before sanctions are waived. Opponents of the deal on Capitol Hill vowed on July 14 to ensure the terms of the agreement don’t threaten American interests. “The comprehensive nuclear agreement announced today appears to further the flawed elements of April’s interim agreement,” said Senate Majority Leader Mitch McConnell, R-Ky., in a statement. “The Senate will review these parameters more thoroughly, and approve or disapprove of the deal in accordance with the Iran Nuclear Agreement Review Act of 2015.”
Meanwhile, the National Foreign Trade Council and other business groups applauded the accord. “The commercial dimensions of Iran’s re-entry into the global economy, if sanctions are lifted pursuant to the agreement, are not trivial,” said NFTC in a statement. “As the agreement is implemented, the commercial interests of U.S. companies will clearly be part of the U.S. national interest.”