Iran, 6 major powers reach nuclear deal

German Foreign Minister Frank-Walter Steinmeier, US Secretary of State John Kerry, US Secretary of Energy Ernest Moniz, French Foreign Minister Laurent Fabius, the High Representative of the European Union for Foreign Affairs and Security Policy Federica Mogherini and British Secretary of State for Foreign and Commonwealth Affairs Philip Hammond (L-R) meet at the Palais Coburg, the venue for nuclear talks in Vienna, Austria July 14, 2015. (Reuters/Joe Klamar)
Iran and six leading world powers have reached a conclusive deal on the Iranian nuclear industry, an Iranian diplomat said as quoted by Reuters.

"All the hard work has paid off and we sealed a deal. God bless our people,"the diplomat told Reuters on condition of anonymity.The breakthrough was confirmed by a European diplomat, who told TASS that it would be announced “soon.“It was difficult work. The arguing continued throughout the night. At times it was heated, with occasional shouting. But the result should be worth all of that,”a source in the German delegation told TASS.

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The economic sanctions against Iran would be lifted immediately after verification of its compliance with the deal, reported RIA Novosti citing the draft agreement. The deal also provides for the lifting of economic sanctions imposed outside of the EU, like the banking and insurance restrictions on Iran by the EU and the US.The draft provides for the lifting of restrictions for the EU to import oil and gas from Iran, as well as exports of oil and gas production equipment to Iran.

It also said the International Atomic Energy Agency (IAEA), UN's nuclear watchdog, has signed a separate agreement with Tehran on the military aspects of its nuclear activities. According to Reuters, the separate agreement focuses on the issue of the Parchin military site.

Iran and P5+1 group are to hold ministerial-level meetings at least twice a year to evaluate how the agreement is being implemented, according to the draft document, as cited by RIA Novosti.

Iran agreed to a 15-year moratorium on enriching uranium beyond 3.67 percent. The enrichment would be conducted only at the Natanz facility, while the Fordo facility would not conduct any enrichment activities or store fissile material, TASS reports. Iran also agreed to store no more than 300 kg of low-enriched uranium.The Arak reactor would not be used to produce plutonium under the deal. The spent fuel would be handled by international mediators.

Reuters leaked others details of the upcoming deal. The UN-imposed arms embargo against Iran is to remain in force for five years, while the restrictions on rocket technology exchange are to be kept for eight years it said, citing diplomatic sources.

The economic sanctions that are to be lifted could be restored within 65 days if Iran doesn't comply with the terms of the deal, the source added.

The Vienna agreement is to be ratified by the UN Security Council and come into force 90 days later.

Foreign ministers of the seven negotiating nations are to meet at the UN center in Vienna at 08:30 GMT, followed by a media conference, a spokeswoman for the European Union said.

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As soon as the deal is officially announced it will bring an end the 12-year dispute over Tehran’s nuclear program and related economic sanctions. Foreign ministers and officials from Iran, the United States, the UK, France, Germany, Russia and China have gathered in Vienna, twice postponing the deadline in the course of the past two weeks, in a bid to make a long-term deal on Iranian nuclear program.

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The lengthy negotiations remained deadlocked due to a lack of confidence in the purpose of Tehran’s nuclear activities, which the country claims to remain solely peaceful. The Western countries had accused the country of seeking a way of creating its own nuclear weapons.