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Major Powers Reach Deal with Iran to Freeze Nuclear Program
(Wall Street Journal) Laurence Norman and Jay Solomon - The U.S. and five other world powers struck an historic accord with Iran in Geneva on Sunday on an interim, six-month deal that will allow international powers to try to strike a permanent pact. The agreement calls for Iran to stop its production of near-weapons grade nuclear fuel - uranium enriched to 20% purity - and for the removal of Tehran's stockpile of the fissile material. Iran, in return, will gain relief from Western economic sanctions that U.S. officials believe will provide between $6 billion and $7 billion in badly needed foreign exchange for Tehran over the next half-year. U.S. officials said the P5+1 immediately will begin helping Iran repatriate about $4.2 billion in oil revenues that it hasn't been able to access overseas as a result of the sanctions. The funds will be returned to Iran in monthly installments of $600 million. French Foreign Minister Laurent Fabius said the deal includes strict oversight of Iran's commitments. Iran agreed to significantly increase inspections of the Arak facility by the UN's nuclear watchdog. Iran committed to maintaining its total stockpile of low-enriched nuclear fuel at its current level during the six-month period. U.S. officials on Saturday acknowledged that Iran will likely be allowed to maintain some enrichment capacity on its soil as part of a final deal.