Kerry, Zarif to Meet in Vienna on Iran Nuclear Deal

Iranian officials have said Zarif and Mogherini would issue a statement on Saturday or Sunday on the “Implementation Day” of the nuclear deal and the lifting of sanctions.

International Atomic Energy Agency (IAEA) is expected to announce shortly, possibly later today or over the weekend, that Iran can not now acquire nuclear weapons, as it agreed with world powers in July in return for ending sanctions.

The report, if issued, would mark the consummation of the July 14, 2015 nuclear agreement.

VIENNA (AP) – The latest developments as Iran and world powers prepare to implement a landmark deal reached previous year to curb Iran’s nuclear activities in exchange for the lifting of worldwide sanctions (all times local).

The mood in Tehran is upbeat but many remain cautious as the USA and the European Union prepare to dismantle an intricate network of punitive measures against Iran, reconnecting it to the global economy after 10 years of isolation and unlocking billions of dollars worth of trade.

The nuclear deal is opposed by all of the Republican candidates vying to succeed U.S. President Barack Obama in the presidential election in November. A 2013 report by the Woodrow Wilson Center for International Scholars found that imports to Iran from US and European drugmakers decreased by approximately 30 percent in 2012, when international sanctions began to target Iran’s financial institutions.

Western sanctions are the biggest enemy of Iran’s aviation which has been plagued by a series of air crashes, claiming the lives of hundreds of Iranians.

Iran has the fourth-largest oil reserves in the world and intends to increase output by half a million barrels a day nearly immediately.

News that sanctions could be lifted has seen WTI move into a premium against Brent all the way out to September 2017, according to Ole Hansen, head of commodity strategy at Saxo Bank. Iran has always insisted its nuclear programme was purely for peaceful purposes.

“We have been quite clear from the very beginning – long before a deal was even reached – that the negotiations were focused primarily on Iran’s nuclear program”.

In a sign of what is at stake, both the USA and Iran moved quickly to avoid a diplomatic incident after ten United States sailors were captured by the Revolutionary Guard earlier this week. “The entire Middle East will benefit if this is the new normal”.

But Earnest said Iran won’t get any sanctions relief until the IAEA verifies all steps have been completed. Together, we can make sure that Iran abides by its commitments under the agreement.