Iran and the “P5+1” countries (the United States, United Kingdom, France, Russia, China, and Germany) reached a landmark understanding today. This agreement involved strict limitations and very strict inspections on Iran’s nuclear program, which President Obama claims to be the most intrusive inspections of any country’s nuclear file. Some of these limitations will last as long as 20 years.
The deal offers Iran some sanctions relief in return for the limitations on its nuclear program. Specifically, it will result in the removal of those United Nations (U.N.) Security Council, U.S. and European Union (EU) sanctions that were imposed as a result of Iran’s nuclear program. Notably, however, the deal will not cause the removal of sanctions imposed on Iran for its support of international terrorism, its human rights abuses, or its ballistic missiles program. As such, a fairly robust framework of U.S. sanctions will remain in place, likely including the Iranian Transactions and Sanctions Regulations (the “ITSR”). More details and analysis to follow soon.