January 13, 2014 | Quote
Iran Gets Sanctions Relief Jan. 20 as Nuclear Deal Begins
Iran agreed to curtail its nuclear activities starting Jan. 20 under a deal with world powers, triggering the easing of some sanctions and the start of a six-to-12 month timetable to reach a permanent accord.
Iran and the so-called P5+1 countries —China, France, Russia, the U.K. and the U.S., plus Germany — reached an understanding on how to implement a deal reached in November, U.S. President Barack Obama said in a statement yesterday.
Iran “has agreed to specific actions that halt progress on its nuclear program and roll back key parts of the program,” Obama said. The agreement restricts Iran’s nuclear activities and imposes more intrusive inspections. In return, Iran will benefit from sanctions relief, which the U.S. values at $6 billion to $7 billion over six months.
The nation’s economy is already “showing signs of recovery,” said Mark Dubowitz, executive director of the Foundation for Defense of Democracies, and Rachel Ziemba, an analyst at Roubini Global Economics in London, in a Jan. 9 report. Sanctions relief and a perception the U.S. was no longer committed to tightening economic pressure on Iran were responsible, the two wrote.