Iranian nuclear deals

The Iran Nuclear Deal made headlines across the globe as a landmark historical agreement between extreme opponents.

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The accord came after months of preparation, two weeks of final intensive discussions in Vienna and with eight parties involved, the final result was an agreement with five annexes. However, this agreement is not set-in-stone and continues to evolve.

Trump quits Iran nuclear deal, undoing years of diplomacy

However, the deal got a significant shake-up under U. President Donald Trump, who on May 8, , announced that the U. Based on the revelations of an Iranian exile group in , Iran was suspected to have nuclear facilities. Following inspections by the International Atomic Energy Agency IAEA and subsequent discoveries, Iran continued to proceed with nuclear developments despite international opposition. Bitter confrontations then broke out between Iran and the world powers. As one of the largest producers of crude oil , prices went through a volatile period as the outcome was largely unknown.

To make nuclear bombs, the uranium ore mined from earth needs enrichment to either uranium or plutonium. Uranium ore mined from the earth is processed via devices called centrifuges to create uranium Uranium ore is processed in the nuclear reactors which transform it into plutonium. The enrichment levels would be brought down to 3. The stockpile for the low-enrichment uranium would be capped to kilograms for the next 15 years, down from the present 10, kilograms. All these measures served to restrict Iran's capability to make a nuclear bomb and would ensure nuclear power usage is limited to civilian use only.

The U. All such economic challenges drastically improved after the agreement.

Iran nuclear deal | World | The Guardian

European car manufacturers like Peugeot and Volkswagen were market leaders in Iran prior to the sanctions. Former U. However, concerns remained.

Challenges included administrating and monitoring the atomic facilities and developments in Iran. Though Iran agreed to provide the IAEA higher levels of information and deeper levels of access to all nuclear programs and facilities in the country, the picture remained murky.

The deal, although welcomed by a larger group of nations across the globe, also had opposition from a few prominent world leaders.

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  • After the election of President Trump in November , proponents of the deal feared the agreement, which they saw as a win for world peace, would be back on the table. And in October , their fears were confirmed. What did this mean? Under the terms, the U. Not surprisingly, Trump's decision was met with instant condemnation. After Trump's decision, Congress had 60 days from that time to reinforce sanctions and given the hostility within the Republican party, an agreement to reinstate appeared possible.

    Iran poised to crank up uranium enrichment with no rescue for nuclear deal in sight

    Most views, claims, and allegations are often politically tuned. For now, the majority across the globe appears to be positive about the Iran nuclear deal. Family Finances. On January 16th , the IAEA published a report stating that Iran had fulfilled the constraints of the agreement, ceasing its enrichment of uranium. From February 12th , the stock had fallen to Iranian President Hassan Rouhani then promptly replied that Tehran would not abandon the nuclear deal and would continue to move forward with the other signatories. To justify and reinforce the decision to withdraw from the agreement, President Trump claimed to possess evidence provided by Israeli intelligence.

    The EU has been among the promoters of the agreement to establish a political balance, especially between the two sides of the Atlantic.

    • Iran nuclear deal: Key details.
    • What is the IAEA? The global agency monitoring Iran nuclear deal?
    • more on this story.
    • As Tehran distances itself from JCPOA, ex-diplomat takes case to America?
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    • Since , the EU has implemented and strengthened all the UN sanctions, while imposing autonomous ones. In addition to the application of UN sanctions, the EU imposed a wide range of autonomous economic and financial sanctions on Iran over the past decade, including:. On January 16th, , after the entry into force of the JCPOA, the European Council revoked all the economic and financial sanctions that were nuclear-related against Iran. However, some restrictions remain in force[15].

      In , imports from Iran exceeded US secondary sanctions could be applied to any person in the world. Thus, through these measures, the US affects third countries which maintain economic relations with those countries subject to sanctions, such as the EU[17]. For this reason and following the US withdrawal from the agreement, the EU has taken two important measures to protect its companies from secondary sanctions while safeguarding its trade relations with Iran.

      First, on August 6th , the EU reactivated the Blocking Regulation, which prevents European companies from complying with US requests and exempts European subjects from court rulings and decisions of administrative authorities outside of the EU. However, according to Annalisa Perteghella, the Regulation has more of a political value than an economic one: the US has the power to exclude the international financial institutions that have relations with Iran from its financial system. However, the Bank also finances itself in the US financial market, and the fact that exposure to Iran would frighten potential buyers of bonds causes alarm.

      According to the expert, this is the reason why the EU has very few instruments to contain the effects of American sanctions on the short term[18]. According to Cornelius Adebahr, a researcher on European foreign policy at Carnegie Europe, the EU must preserve the international agreement. At the same time and despite the economic influence, it the EU? However, in the long run it may turn out to be a central player, creating alternative payment channels that are not subject to US sanctions, making any dollar transaction impossible, hence achieving a sort of financial independence.

      The only role it can have is to slow down a new nuclear escalation as much as possible[19].

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      The EU is a global trade power and its economic policy aims to support growth by investing in transport, energy and research. According to a research conducted by Astrid Viaud, Doctor of the Catholic University of Louvain UCL , the withdrawal of the agreement and the reintroduction of autonomous sanctions by the US can also be seen as a commercial strategy aimed at slowing the growth of American commercial competitors in Iran. According to this research, the EU has a relative strong economic power on one hand, but on the other, its political instruments to enforce the agreement are limited to a symbolic response to the US.

      At this point, the EU must rely on the diplomatic support of Beijing and Moscow to eradicate instability in the Middle East and thus to guarantee its commercial, maritime and energy markets[22]. Furthermore, through the update of the Blocking Regulation, the EU has sought to amortize the effects of US extraterritorial sanctions[24]. However, the EU was aware that its measures did not commit the EIB to actually support projects in Iran, because the governing bodies of the EIB have the power to decide whether to undertake such financing activities in line with the relevant rules and procedures.

      All stakeholders present reaffirmed their full commitment to and continued implementation of the nuclear agreement. On August 7th, the updated EU Blocking Regulation came into force to mitigate the impact of sanctions on the interests of European companies that carry out legitimate business activities with Iran. The Blocking Regulation aims to protect the established legal system and the interests of legal persons exercising the rights recognized by the Treaty on the Functioning of the European Union from the unlawful effects of the extraterritorial application of such legislation[25].

      At the same time, the EU has also committed itself to maintaining cooperation with the US, which remains a key partner and an ally[26]. Participants reviewed the process of identifying and implementing practical solutions to issues arising from US unilateral withdrawal from the agreement, considering that Iran actually continued to fully implement its nuclear-related commitments, as confirmed by twelve consecutive reports of the IAEA.

      The participants also emphasized that they intend to protect the freedom of economic operators engaged in legitimate business activities with Iran, considering that, in any case, the updated Blocking Regulation has a limited effectiveness against American sanctions[27]. A SPV is a legal entity created to fulfill narrow, specific or temporary objectives and it is typically used to isolate a company from financial risk[29]. This means that EU Member States will establish a legal entity to facilitate legitimate financial transactions with Iran and allow European companies to continue trade with Iran in accordance with EU legislation.

      This legal entity could be open to other partners in the world. European diplomats described the SPV proposal as a means of creating a barter system, similar to the one used by the Soviet Union during the Cold War, meaning to exchange Iranian oil for European assets.