As I’m sure many, if not all, of you are aware, the US with the EU and United Nations have recently undergone successful negotiations with Iran in order to reach “mutually-agreed long-term comprehensive solution that would ensure Iran’s nuclear programme will be exclusively peaceful.” In the agreement that has been reached thus far with Iran, that country has agreed to:
a) From the existing uranium enriched to 20%, retain half as working stock of 20% oxide for fabrication of fuel for the TRR and dilute the remaining 20% UF6 to no more than 5%,
b) Agree to not enrich uranium over 5% for a period of 6 months, and
c) Create no further locations for the enrichment of uranium, along with other measures.
In exchange, the US/E3/EU+3 agree to:
a) Place a hold on any efforts to reduce Iran’s crude oil sales,
b) Suspend US and EU sanctions on Iran’s petrochemical exports and on gold and precious metals, and
c) Create no further sanctions for the next six months, while progress by Iran is monitored.
While further petroleum exports will not be stopped, no oilfield equipment may be exported to Iran, just as it is today.
There is a widely-held misconception that sanctions on goods being traded with Iran have been eliminated along with fines on those who choose to buy, sell, export, or transport goods to Iran. It should be noted that most sanction reductions apply only to European citizens, and even they are few.
The US government has agreed to add no further sanctions during this 6 month period, but is not eliminating sanctions at this time (with the exception of certain humanitarian aid). When hearing about these agreements in the news, do not confuse the lowering of sanctions by the EU, which has no effect on US citizens. As the White House stated in its fact sheet, “… relief is structured so that the overwhelming majority of the sanctions regime, including the key oil, banking and financial sanctions architecture, remains in place.”
For further information see:
http://www.whitehouse.gov/sites/default/files/foreign/jointplanofaction24november2013thefinal.pdf