On July 14, 2015, after twenty months of negotiations, Iran and six world powers (P5+1) have concluded an agreement that will lift sanctions on Iran but impose strict limits on its nuclear program. The Joint Comprehensive Plan of Action (JCPOA), between Iran, US, UK, France, Germany, Russia and China conditions the sanctions relief on Iran’s commitments to decrease its number of centrifuges, reduce its uranium stockpile, refrain from producing or housing any fissile material for 15 years, limit its research and development for eight years, and refrain from building heavy water reactors for 15 years. Sanctions relief will be phased in after Iran proves its compliance with its obligations under the JCPOA. The sanctions to be lifted include those related to financial institutions, oil and petroleum, naval equipment, precious metals, software and automotive materials. Congress has 60 days to review the deal and if Congress rejects the deal, President Obama has indicated that he would veto the legislative branch’s rejection. The agreement also needs to be approved by the United Nations Security Council and Iran’s supreme leader, Ayatollah Ali Khamenei.
For more information about U.S. sanctions against Iran and the new Joint Comprehensive Plan of Action, click here.