Iran, EU meet to ‘finalise’ nuclear deal: Mogherini

The UN is expected today to confirm Iran’s compliance with last July’s landmark nuclear deal, allowing the lifting of sanctions and what Iran’s foreign minister called a “good day for the world”.

Iran’s Foreign Minister Mohammad Javad Zarif says worldwide sanctions against Tehran will be lifted on January 16.

U.S. Secretary of State Kerry arrived later and quickly went into a meeting with Zarif.

But U.S.-Iranian hostility still remains deeply entrenched.

However, by that time, the US will likely have lifted the sanctions, and the White House is threatening to veto the bill. The official demanded anonymity in line with State Department practice.

No names were immediately released in a statement from the judiciary outlining the decision, but among Iranian-American citizens in custody is Jason Rezaian, the Washington Post’s Tehran correspondent.

Earlier this week, Iranian Deputy Foreign Minister Abbas Aragchi said that his country’s foreign minister and the European Union’s high commissioner for foreign affairs would hold a news conference within two days of the IAEA’s report, with the intention of addressing immediate sanctions removal. The agreement guarantees the peaceful nature of Iran’s nuclear program in exchange for sanctions relief.

Moreover, the one-year breakout time will not give an adequate amount of time to react even if the worldwide community caught Iran cheating.

Sunni Saudi Arabia, Iran’s other great regional rival, is also alarmed at the prospect of warmer US-Iran ties and of predominantly Shiite Iran, newly flush with oil revenues, increasing its influence.

The United States has awaited the International Atomic Energy Agency’s report before easing curbs that have been in place against the country.

IAEA certification that Iran is honoring its obligations would trigger sanctions relief for Iran worth an estimated $100 billion.

What does Iran stand to gain?

The episode was one of several diplomatic and military near misses between Iran and the United States in recent weeks, including a quickly defused crisis when 10 USA sailors were detained after entering Iranian waters.

The report from the IAEA is expected to be released later on Saturday and could herald a new dawn for Iran’s economy.

Forrest also said ongoing human rights and terrorism related sanctions in the United States would have an effect.

In addition, European companies will invest in the largest untapped emerging market in the world – representing more than an estimated $1 trillion of value – so the West will have no financial incentive to push for the reimposition of sanctions if Iran heads towards building a nuclear bomb.