Sanctions against Iran suspended

It was announced yesterday evening that the EU and the US are suspending sanctions imposed on Iran. The easing of restrictions became possible due to Tehran's compliance with the terms of the nuclear deal concluded in July 2015.

The IAEA has already given its approval for the lifting of sanctions. Yesterday evening, talks took place in Vienna between European Union High Representative for Foreign Affairs and Security Policy Federica Mogherini, US Secretary of State John Kerry, and Iranian Foreign Minister Mohammad Javad Zarif, following which the embargo was suspended.

Sanctions will be lifted in stages over eight years. First, restrictions on the trade of oil and gas, as well as other goods and raw materials, will be removed, which will inevitably lead to a further decline in the already falling price.

Should Iran violate the terms of the agreement, sanctions will be reinstated.