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Iran Sanctions LIFTED: Tehran Reenters Global Markets

Iran reenters global economy after disabling most of its nuclear capabilities

This post first appeared on Russia Insider

Years of international sanctions imposed on Iran have been lifted after the International Atomic Energy Agency confirmed on Saturday that Tehran had disabled most of its nuclear capabilities:

For Iran, implementation of the landmark deal it finalized with six world powers last summer means immediate access to more than $50 billion in long-frozen assets and freedom to sell its oil and purchase goods in the international marketplace. Tehran has hailed the deal as vindication of its power and influence in the world.

<figcaption>It begins.</figcaption>
It begins.

The markets have already reacted. Oil prices took a hit on Friday in anticipation of the deal being successfully implemented:

The average price for a basket of crudes from OPEC producers fell to $25 a barrel on Thursday, the group said, even before unrestrained exports from Iran hit the market.

Benchmark global oil prices took a fresh hit on Friday with the market bracing for more supplies from Iran earlier than expected.

Now that the sanctions have been removed, Tehran is moving swiftly. A few highlights:

  1. Iranian Minister of Road and Urban Development Abbas Akhoundi announced that the country plans to purchase 114 civil aircraft from Airbus.
  2. Iran has freed five prisoners with dual Iranian-US nationality, including Jason Rezaian, a Washington Post reporter who was arrested in Tehran more than a year ago.
  3. Now that sanctions are lifted, Iran sees Russia as a major economic partner as it tries to reenter the global economy. Russia is expected to help Iran with a number of major infrastructure projects. Also, under an agreement signed between Iran and Russia, trade turnover between the two countries can be increased up to 20 billion USD.
  4. Iran could abolish visas for tourists arriving in the country from Russia on a unilateral basis.

We will end with a fun quote from Israel's Prime Minister:

"Without an appropriate reaction to every violation, Iran will realise it can continue to develop nuclear weapons, destabilise the region and spread terror," Benjamin Netanyahu said.

What a wanker.

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