Industry News

Parameters for a Nuclear Deal with Iran

April 6, 2015

    The United States, Germany, Russia, the United Kingdom, China and France agreed on a Joint Comprehensive Plan of Action (JCPA) with Iran that will limit Iran’s nuclear program while lifting economic sanctions.  While the exact timeframe is unclear, nuclear related sanctions will be lifted by the United States and the European Union once the International Atomic Energy Agency (IAEA) “has verified that Iran has taken all of its key nuclear-related steps.”

    The parameters were announced in Switzerland on April 2, 2015 and will shape the final agreement, which will be established by June 30th of this year.  Iran will decrease its centrifuges by two-thirds and the Fordow facility in Iran will no longer enrich uranium for a minimum of fifteen years.  The Natanz facility will continue to enrich uranium, but there will be development and centrifuge restrictions for ten years.  Iran’s spent fuel and plutonium used for weapons will be destroyed or removed from the country.  Additionally, the heavy water research reactor in Arak will be limited and will be redesigned to meet standards set by the participating nations.  The reactor will only conduct “peaceful nuclear research and radioisotope production.”  

    Currently, the outlined parameters establish that the IAEA will regulate and monitor Iran’s compliance.  President Obama stated, “Iran will face strict limitations on its program, and Iran has also agreed to the most robust and intrusive inspections and transparency regime ever negotiated for any nuclear program in history.  So this deal is not based on trust; it’s based on unprecedented verification.”  If Iran does not comply with the terms of the agreement, the sanctions will be reinstated.  However, a White House face sheet reported, “Important implementation details are still subject to negotiation, and nothing is agreed until everything is agreed.”

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