Switzerland to lift sanctions against Iran

However, President Obama has vowed to veto the vote. More recently, he cut that in half, to between $50 and $60 billion.

The lifting of sanctions represents an economic windfall to the Iranian economy.

How much is really there?

As a result of the bans, energy-hungry European countries had lost access to the vast Iranian market. Details are murky. These represent only a fraction of Iran’s total frozen assets and probably won’t include any of those in the US. We’re satisfied with them. France’s BNP Paribas SA, one of the largest trade- finance banks, pleaded guilty last year to U.S. criminal charges and paid a record $8.97 billion penalty for doing business with countries blacklisted by the U.S. including Iran, Sudan and Cuba.

An Iranian oil worker rides his bicycle at the Tehran oil refinery, south of the capital of Iran.

Finally, should the Iranians renege on the deal, built-in mechanisms will allow the United States and allies to reimpose the sanctions.

“The first step is to prepare for increasing (oil) exports”, he said at the time.

“While significantly higher production is unlikely before next year, oil held in floating storage – at the highest level since sanctions were tightened in mid-2012 – could start to reach worldwide markets before then”, the IEA said in a monthly report.

The U.S. could lift sanctions against Iran if a nuclear agreement comes through, but Michigan might not go along with that.

The report, the latest quarterly brief published by the bank’s Middle East and North Africa division, also said that the end of sanctions on Iran’s oil exports would hurt other oil exporters, including Iran’s regional rival Saudi Arabia.

The illegal sanctions on Iran were imposed based on the unfounded accusation that Tehran is pursuing military objectives in its nuclear energy program, said James Henry Fetzer, a retired professor in Madison, Wisconsin.

Republican lawmakers have demanded to see what they call “secret side deals” between Iran and the IAEA, whose inspectors would verify compliance with restrictions on the Islamic Republic’s nuclear program. Moreover, the removal of sanctions may also encourage Iranian (re)insurers to take the opportunity to expand and diversify their income streams into other markets.

What will Iran do with these funds?

The big question is, Why did we lose? “Given anticipated legislative action on this controversial deal in the Senate next month, firsthand information on IAEA side agreements are vital to both the debate and decision making process for all Members – irrespective of their views of Iran or the merits of the deal”, Graham wrote.