West eases economic sanctions on Iran over nuclear agreement

 
Tim Wallace
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SANCTIONS were eased yesterday as part of a groundbreaking nuclear agreement between Iran and western nations.

Iran has agreed to curb its uranium enrichment to calm fears over its plans, a deal the International Atomic Energy Agency believes Iran is keeping to.

The interim arrangements will see some assets unfrozen as well as an opening of trade in industries including petrochemicals.

Particularly important for the isolated economy will be an easing of restrictions on the banks which can deal with the nation.

Its key oil industry will also get some help from the agreement – foreign insurers will now be able to offer protection on Iranian exports of the commodity.

However, the deal’s temporary nature will limit its impact.

As a result any contracts that are newly allowed under the rules must be executed by 20 June.

Similarly the range of products covered by the deal is limited – only crude oil gains from the easier rules on insurance and transportation, rather than any refined products.

Meanwhile Tehran refused to back a plan for a transitional government in Syria, leading the UN to withdraw its invitation to a peace conference in Geneva.

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