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Back from the cold - international sanctions on Iran are lifted

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Back from the cold - international sanctions on Iran are lifted

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Iran is back on the world economic stage with the lifting of sanctions imposed by the US, UN and EU.

The news came after the International Atomic Energy Agency verified that Iran has fulfilled its obligations under the deal struck with world powers last July to prevent it developing nuclear weapons.

“This achievement clearly demonstrates that with political will, perseverance, and through multilateral diplomacy,” EU High Representative for Foreign Affairs, Federica Mogherini, told a media conference in Vienna. “We can solve the most difficult issues and find practical solutions that are effectively implemented.”

Iran’s Foreign Minister Javad Zarif, was also present at the announcement:

“All sides remain firmly convinced that this historic deal is both strong and fair, and that it meets the requirements of all. Its proper implementation will be a key contribution to improved regional and international peace, stability and security.”

The move was also welcomed by the John Kerry, the US Secretary of State, albeit with a continuing sense of caution:

“We welcome that Iran has followed through on the promises that it made. It has kept its word and we will continue to do the same, but we will remain vigilant in verifying Iran’s compliance, every hour of every day in the years ahead.”

Lifting sanctions will unblock billions of euros of assets and allow it to trade oil internationally. But analysts say that its emergence from economic isolation could also shift the geopolitical balance of the Middle East.

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