Top US, Iranian diplomats focus on clinching nuclear deal

“Implementation Day”, if it is indeed upon us, would mark a major milestone in the deal that Iran made in July with six world powers, including the United States – a deal meant to prevent Tehran from developing nuclear weapons while allowing it to continue a peaceful nuclear program and lift painful economic sanctions.

Minister Mohammad Javad Zarif held a series of meetings in Vienna with his European Union and U.S. counterparts – including U.S. Secretary of State John Kerry – on implementing the accord. Global journalists were assembled at the IAEA headquarters in anticipation of an announcement.

Iran has released four prisoners with dual Iranian-U.S. nationality, the Tehran public prosecutor was quoted as saying on Saturday, without giving further details.

Already Saudi Arabia and Iran, fighting a proxy war in Yemen and key players in the Syrian conflict, are at daggers drawn following Saudi Arabia s execution of a Shiite cleric in early January and the subsequent ransacking of the Saudi embassy in Tehran.

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

“Iran is ready”, Zarif tweeted on Saturday.

However, sanctions on nuclear materials and those in place on Iran’s alleged funding for terrorist groups, its human rights abuses and its military programmes will all remain in place. The U.S. will also drop Interpol “red notices” – essentially arrest warrants – on a handful of Iranian fugitives it has sought.

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.

Despite these milestones, though, it’s clear that our efforts to deter Iranian aggression must extend beyond the nuclear deal.

In Iraq, Tehran has found itself on the same side as the United States, supporting a Shi’ite-led government against Sunni militants of Islamic State.

The lifting of sanctions on Iran is “going to put 500,000 barrels per day more on the market”, said James Williams of WTRG Economics.

“It’s now time for all – especially Muslim nations – to join hands and rid the world of violent extremism”.

In 2010, Congress granted Obama the authority to allow exports of goods, services, or technologies to Iran if he determines those sales “to be in the national interest”.

The Iran deal with foreign powers operates on a snap-back system, meaning that sanctions will be re-introduced if Iran is deemed to violate the terms of the agreement in any way. Given the hard steps that Iran must take before Implementation Day, that breakout time has been extended from just a few months to a year.