World Powers Reach Landmark Nuclear Deal With Iran, Oil Slides – Full Deal Text
It is only fitting that almost exactly 24 hours after the Greek “pre-deal”, which may and will end up crashing and burning in very short notice, another long expected “deal”, one which has been about a decade in the making, was reached, when Iran reached a landmark nuclear agreement with the U.S. and five other world powers, a long-sought foreign policy goal of the Obama administration. However, just like with the Greek deal celebrations, these too will likely be short lived as the outcome sets the White House on course for months of political strife with dissenters in Congress and in allied Middle Eastern nations.
In the end, however, the reality is that with little oversight both Iran and the West will maintain the status quo, even if the chances of a middle-east “preemptive” war involving Israel and/or Saudi Arabia increase substantially.
Here are some of the deal highlight bullets from Reuters and Bloomberg:
- Iran ballistic missile embargo seen in place for 8 years
- Conventional weapon embargo seen in place for 5 years
- Iran to cut 98% of enriched uranium stockpile under deal
- Iran will eliminate two-thirds of centrifuges under deal
- EU to lift sanctions on Iran as it meets nuclear obligations
- Iran deal implementation will take months, officials say
- Iran won’t receive sanctions relief until it complies with terms of agreement
In terms of the next steps timeline, Bloomberg adds that oil sanctions on Iran unlikely to be lifted before December 2015, according to most optimistic assessment of steps involved in draft of nuclear agreement obtained by Bloomberg. Most analysts expect this to happen sometime in 2016.
Key steps as follows: the Joint Comprehensive Plan of Action, or JCPOA, will be adopted 90 days after endorsement by UN Security Council resolution, or sooner by unanimous consent of all parties.
…click on the above link to read the rest of the article…
