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Implementation Day: What Lifting of Sanctions Against Iran Means for World’s Oil Market

Implementation Day: What Lifting of Sanctions Against Iran Means for World’s Oil Market

The European nations and the United States announced lifting of strict oil and economic sanctions on Iran on Saturday after the international nuclear watchdog inspectors from the International Atomic Energy Agency concluded that the Islamic Republic had fulfilled requirements to freeze its nuclear program imposed by the world powers. U.S. President Barack Obama has signed an executive order.

Experts believe that the agreement was an important step towards establishing relations between Washington and Tehran and opened a new, cautious chapter in the relations between Iran and the West. This move allows the Islamic Republic to export much more oil and gain control of nearly $100 billion of impounded money. The agreement also implies the end of a prolonged isolation of Iran that had led the country to a deep economic crisis.

At a press conference in Vienna, the U.S. Secretary of State John Kerry called Jan. 17 “the first day of a safer world” that will remain safer for many years to come. The lifting of international sanctions on Iran marked the most significant accord of the last year’s historic nuclear deal, known as the Joint Comprehensive Plan of Action reached on July 14 by Iran and the P5+1 group of world powers—the United States, China, the United Kingdom, Russia, France, and Germany. The agreement was unanimously hailed by the diplomats gathered in the Austrian capital. Iranian vice-president Masoumeh Ebtekar claimed that the removal of restrictions marked the beginning of a new era in relations between Tehran and the Western world.

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