The painstaking talks in Lausanne ended with the joint statement issued by the negotiators. US and EU are to lift sanctions against Iran, said Iran's Foreign Minister Mohammad Javad Zarif.
“The EU will terminate the implementation of all nuclear-related economic and financial sanctions and the US will cease the application of all nuclear-related secondary economic and financial sanctions, simultaneously with the IAEA-verified implementation by Iran of its key nuclear commitments,” EU foreign policy chief Federica Mogherini highlighted during the media conference.
Iran’s President Hassan Rouhani and Foreign Minister Mohammad Javad Zarif have released their statements that “solutions on key parameters” of Tehran’s nuclear program have been reached. So the parties are ready to set about developing a draft nuclear deal.
“The EC, five permanent members of the UN Security Council, Germany, and Iran now have the parameters to resolve major issues on the Iranian nuclear program. The parties will return to discussions to seal a final accord,” US Secretary of State John Kerry stated.
The joint statement reads that the negotiators would start drafting an accord immediately. The parties are to settle technical issues about lifting a decades-old system of sanctions that must be hammered out by June 30.
The framework agreement aims to curb Iran’s nuclear program for at least a decade. It should allay Western fears that Iran was seeking to build an atomic bomb and in return lift economic sanctions on the Islamic Republic.
All sanctions remain in place until a final deal is reached. In case the restrictions are eased in full, the oil market will be flooded with 20-35 million barrels which is apparently being stored in Iran’s inventories.
