Foreign secretary Philip Hammond says first sanctions against Iran could be lifted early next year
Foreign secretary Philip Hammond has announced that the first sanctions against Iran could be lifted as soon as early next year.
Read more: British embassy paves the way for new business opportunities in Iran
The comments came as Hammond visited Iran to reopen the British embassy in Tehran. The Iranian embassy in London has also been reopened, as diplomatic ties grow between the countries after the British embassy was stormed in 2011 by protesters in retaliation against economic sanctions.
Diplomatic ties are being re-established following the Iran nuclear deal that was reached last month. The US, UK, France, China, Russia and Germany – the so-called P5+1 – agreed to lift sanctions in return for allowing UN nuclear inspectors extensive, but not automatic, access to sites within Iran.
Read more: Bankers, bosses and business groups join foreign secretary as battered British embassy reopens in Tehran
Bosses from Britain's largest business groups and energy companies broke new ground over the weekend by travelling with Hammond to Iran, hoping to make future trade deals.