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No new relief till IAEA verifies Iran steps on nuclear deal: US

10:45 PM May 31, 2019 | Free Press Journal Correspondant

Ankara: Iran will not be given new relief on sanctions till the IAEA verifies that the country has implemented key measures related to the nuclear deal, according to a senior US official. US Treasury Secretary Jacob Lew told Japanese Deputy Prime Minister and Finance Minister Taro Aso that sanctions imposed on Iran related to terrorism and regional destabilisation would remain in place.

During their meeting on the sidelines of the G20 Finance Ministers and Central Bank Governors here, they also discussed about the Joint Comprehensive Plan of Action. Lew emphasised that no new sanctions relief would be provided until the International Atomic Energy Agency (IAEA) has verified that Iran has implemented key nuclear-related measures and that sanctions related to terrorism and regional destabilisation would remain in place after that, according to a US Treasury Department Spokesperson.

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After many rounds of negotiations, Iran and six major global powers had agreed on a historic nuclear deal in July. The deal, reached between Iran and the P5+1 group, would lead to lifting of sanctions against the Gulf country having world’s third-largest oil and gas reserves, in return for curbs on its nuclear programme.

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The US, the UK, France, Russia, China and Germany form the P5+1 group. As per the deal, sanctions imposed by the US, European Union and United Nations will be lifted in return for Iran agreeing long-term curbs on a nuclear programme that the West suspected was aimed at creating a nuclear bomb. Interestingly, once the sanctions on Iran are lifted, India would be one of the beneficiaries as international oil prices would likely fall.

India is the world’s fourth largest oil consumer and also the second biggest buyer of Iranian oil after China, importing about 11 million tonnes of crude oil in 2014-15. The Treasury spokesperson, who briefed reporters after the meeting between Lew and Aso, said they also discussed key issues before the G20 including the importance of global growth and financial stability.

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