US suspends Iran oil sanctions for six months

The White House says President Barack Obama suspended sanctions on Iran’s oil sector for six months.

“The United States has committed to pause efforts to further reduce Iran’s crude oil sales for a six month period under the Joint Plan of Action between the P5+1 and Iran,” White House Press Secretary Jay Carney said.

He was referring to Iran’s nuclear deal with the five permanent members of the UN Security Council – the United State, France, Britain, Russia and China – plus Germany in November 2013.

Under the deal, the six countries agreed to provide Iran with some sanctions relief in exchange for Iran agreeing to limit certain aspects of its nuclear activities during a six-month period.

“The International Atomic Energy Agency (IAEA) has verified that Iran is complying with these commitments,” said Carney.

He acknowledged increased “global oil supply disruptions in recent months” due to restrictions on Iran’s oil supply.

Iran’s accord with the world powers, which went into effect on January 20, is aimed at setting the stage for the full resolution of the decade-old standoff over the Islamic Republic’s nuclear energy program.

On June 2, IAEA Director General Yukiya Amano welcomed Iran’s “substantive” cooperation with the agency, saying the efforts had helped the UN body “gain a better understanding” of the Iranian nuclear energy program.

In a quarterly report on May 23, the UN nuclear agency said Iran has been complying with the terms of its interim agreement with the world powers.

In early 2012, the United States and the European Union imposed new sanctions on Iran’s oil and financial sectors with the goal of preventing other countries from purchasing Iranian oil and conducting transactions with the Central Bank of Iran.

By Press TV


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