Washington, DC, United States (4E) – The White House announced Sunday that Iran agreed to start eliminating its stockpile of highly enriched uranium, dismantling its centrifuges and letting nuclear inspectors into the country on Jan. 20.
In return for rolling back its nuclear program, the U.S., U.K., France, Germany, Russia, China and the European Union will suspend certain trade sanctions against the Islamic state, do not impose new sanctions, and turn over $4.2bn of oil revenues to Iran in eight stages over six months.
The agreement to implement the Joint Plan of Action announced in Geneva in November marks the first time in a decade that the Islamic Republic of Iran has agreed to specific actions that halt progress on its nuclear program, including halting enrichment of uranium above 5 percent purity level, and roll back key parts of the program.
“With today’s agreement, we have made concrete progress. I welcome this important step forward, and we will now focus on the critical work of pursuing a comprehensive resolution that addresses our concerns over Iran’s nuclear program,” President Barack Obama said in a statement.
But Obama said the U.S. and the six world powers will continue to vigorously enforce the broader sanctions regime and increase it if Iran fails to meet its commitments.
Secretary of State John Kerry said the International Atomic Energy Agency (IAEA) will verify and monitor Iran’s compliance towards rendering its entire stockpile of its 20 percent-enriched uranium unusable for further enrichment. The IAEA inspectors will be allowed access to the Fordo uranium enrichment site near the holy city of Qom and the Arak heavy water reactor
Iran’s senior nuclear negotiator, Abbas Araqchi, said on Iranian TV that “no new centrifuges will be added, no new centrifuges will be produced, and no new facilities will be installed at Arak.”