Iran-P5+1 nuclear agreement to come into force on Monday next week

|By:, SA News Editor

The six-month agreement by which Iran will scale back its nuclear program in return for $6-7B worth of sanctions relief will start being implemented on January 20.

Shortly afterwards, Iran and the P5+1 world powers will begin talks over a final deal.

Plenty of stumbling blocks exist, including an Iranian parliamentary bill that calls for the country to enrich uranium up to 60%. In the U.S., there are proposals in Congress to stiffen the sanctions against the country, although President Obama has pledged to veto any such measures while negotiations are taking place.

News of the implementation of the deal follows a report that Iran is in talks with Russia for the latter country to receive 500,000 bpd of oil from Iran in return for equipment and other goods.

Crude oil is -0.4% at $92.55.

More on Iran nuclear deal.

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