Zarif: Oil Prices Should ‘Adjust’ as Iran Returns to Energy Market

The move by Republicans comes just days the Obama administration announced Sunday that new sanctions would be imposed against 11 companies and individuals relating to Iran, a few hours after sanctions were lifted against Tehran following its compliance with a nuclear deal with the US and world powers.

Tens of billions of dollars worth of Iranian assets are now unfrozen and global companies that have been barred from doing business there will be able to exploit a market hungry for everything from automobiles to airplane parts.

Other Icelandic sanctions against Iran, involving for instance human-rights issues, Iran’s support for terrorist activity, and other non-nuclear issues, remain in force.

Japan’s sanctions against Iran included suspensions on new investment in the Islamic republic’s oil and gas sector.

“The decision and the successful implementation of the agreement regarding Iran’s nuclear program represent an important step opening up new opportunities for the region and the entire world”, said the Georgian Ministry.

Japan has chose to lift sanctions on Iran in the wake of confirmation by a United Nations agency that Tehran had implemented measures promised under the landmark nuclear deal reached in July, Japanese Foreign Minister Fumio Kishida said Friday.

Washington still maintains separate, less comprehensive sanctions on Iran over its missile program.

Kyodo reported that the agreement will see Japanese companies join United States and European outfits in racing to tap into the country’s commercial potential, with everything from cars to oil expected to flow between the two countries.