BICOM

It was announced yesterday that the P5+1 forum (US, UK, France, Russia, China and Germany) and Iran have agreed to next week start implementing November’s interim deal agreed in Geneva.

Talks over implementation resumed last week after having stalled in December over Iran’s objection to US blacklisting of a number of Iranian companies for breaching existing sanctions. European Union foreign policy chief Catherine Ashton, who heads the P5+1 negotiating efforts, yesterday confirmed that November’s deal will begin to be implemented on 20 January for a six month period. She commented, “We will ask the IAEA (International Atomic Energy Agency) to undertake the necessary nuclear-related monitoring and verification activities.” Marzieh Afkham, spokesman for Iran’s Foreign Ministry also commented, “Capitals have confirmed the result of the talks in Geneva … the Geneva deal will be implemented from January 20.”

Under the terms of the interim agreement, Iran is expected to pause aspects of its nuclear programme during the coming six months in return for a relaxation of some sanctions. Reuters suggests that around £2.5billion of blocked Iranian oil assets will be unfrozen with some restrictions also lifted on trade in precious metals, petrochemicals and the auto industry. In return, Iran will apparently dilute half of its stocks of twenty per cent enriched uranium, considered just a short step from weapons-grade material. The Jerusalem Post says that Iran will not be allowed to install or fuel new centrifuges but will be permitted to carry out research and development on centrifuges.

During the six-month implementation process, the P5+1 powers and Iran are expected to negotiate towards a final, broad settlement on the scope of Iran’s nuclear activity. US President Obama called yesterday’s announcement “concrete progress” adding “I have no illusions about how hard it will be to achieve this objective… now is the time to give diplomacy a chance to succeed.” There was no comment from Israel’s Prime Minister’s Office, which has previously expressed serious doubts over the interim deal.