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Economic curbs on Iran lifted

Economic curbs on Iran lifted
Highlights

With international nuclear sanctions on Iran being lifted on Sunday, India will resume its unrestricted import of oil from the Persian Gulf nation. State-run Indian Oil Corporation said the possibility of freely importing oil from Iran, to be paid for now in US dollars, comes at a time when global prices are expected to plunge further with Iranian oil adding to the supply glut.

Washington/New Delhi : With international nuclear sanctions on Iran being lifted on Sunday, India will resume its unrestricted import of oil from the Persian Gulf nation. State-run Indian Oil Corporation said the possibility of freely importing oil from Iran, to be paid for now in US dollars, comes at a time when global prices are expected to plunge further with Iranian oil adding to the supply glut.

  • US, EU release $100 billion of assets
  • India can import oil freely

The US and the EU have lifted the oil and financial sanctions and released about $100 billion of its assets after UN inspectors concluded that Tehran has complied with a historic deal with world powers to curb its nuclear ambitions. “Today marks the day of a safer world,” US Secretary of State John Kerry said in Vienna as International Atomic Energy Agency (IAEA) certified that Iran has fulfilled its promises.

“Iran has taken every step that it committed to take, dating back two full years,” Kerry said. The US sanctions-related commitments are now in effect, Kerry said, announcing the lifting of crippling sanctions against Iran. His statement came just hours after Tehran and Washington swapped long-held prisoners. Reacting to the development, Iranian President Hassan Rouhani said, “We Iranians have reached out to the world in a sign of friendliness, and leaving behind the enmities, suspicions and plots, have opened a new chapter in the relations of Iran with the world.”

The landmark deal between Iran and world powers — the US, UK, Russia, China, France and Germany — was agreed last July. In a joint statement with Iranian Foreign Minister Javad Zarif in Vienna, EU foreign policy chief Federica Mogherini, representing the six world powers, said that as a result “multilateral and national economic and financial sanctions related to Iran’s nuclear programme are lifted’’.

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