The 5 permanent members of the UN Security Council, plus Germany (the P5+1) have announced they have agreed the “key parameters” of an agreement with Iran on nuclear weapons and sanctions, to be drafted by the end of June. According to the US State Department fact sheet, the parameters, so far as sanctions are concerned, are:
1) US and EU nuclear-related sanctions will be suspended after the International Atomic Energy Agency has verified that Iran has taken “all of its key nuclear-related steps”. If at any time Iran fails to fulfill its commitments, these sanctions will “snap back into place”.
2) All past UN Security Council resolutions on Iranian proliferation will be lifted with the completion by Iran of “nuclear-related actions addressing all key concerns”. Core provisions in the UN Security Council resolutions – those that deal with transfers of sensitive technologies and activities – will be re-established by a new UN Security Council. Restrictions on arms and ballistic missiles, and provisions that allow for related cargo inspections and asset freezes, will also be incorporated by this new resolution.
3) US sanctions on Iran for terrorism, human rights abuses, and ballistic missiles will remain in place.
The Iranian fact sheet states:
“after the implementation of the Comprehensive Plan of Joint Action, all of the UN Security Council resolutions will be revoked, and all of the multilateral economic and financial sanctions of the EU and the unilateral ones of the US including financial, banking, insurance, investment, and all related services, including oil, gas, petrochemicals, and automobile industries will be immediately revoked. In addition, nuclear-related sanctions against real and legal individuals, entities, and public and private institutions, including the Central Bank, other financial and banking institutions, SWIFT, shipping and aviation industries of the Islamic Republic of Iran, oil tanker companies, will be immediately removed. Also, the P5+1 member countries are committed to restraining from imposing new nuclear-related sanctions.”