Economics
Iran Deal Milestone Starts the Clock on Oil Sanctions Relief
- Oil, financial sanctions to be lifted once pledges implemented
- Iran first needs to mothball gear and cut uranium stockpile
Obama: U.S. Will Continue to Put Pressure on Iran
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World powers and Iran set the clock ticking Sunday on a landmark accord placing limits on the Islamic Republic’s nuclear work in return for access to oil and financial markets.
The formal adoption of the deal means that all sides will have to begin delivering on the pledges they made three months ago. For Iran, that requires mothballing thousands of centrifuges, eliminating 95 percent of its enriched-uranium stockpile and retrofitting a reactor. The U.S. and Europe will make preparations to lift sanctions, which will occur on “implementation day,” once the Iranian measures are in place.