Iran is back on the world economic stage with the lifting of sanctions imposed by the US, UN and EU – the reward for the Islamic Republic drastically shrinking its nuclear programme in line with last year’s landmark deal with six world powers.
Flanked by Iran’s foreign minister, the EU’s Foreign Policy chief, Federica Mogherini, made the announcement in Vienna:
“Today almost exactly six months after the finalisation of this historic deal, the International Atomic Energy Agency has verified that Iran has implemented its nuclear-related commitments under the JCPOA (Joint Comprehensive Plan of Action), is in the offing. As Iran has fulfilled its commitments today multilateral and national economic and financial sanctions related to Iran’s nuclear programme are lifted.”
Iran’s emergence from economic isolation is not only a matter of trade. Analysts say it could also shift the geopolitical balance of the Middle East.