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14 Jul, 2015 06:15

Iran, 6 major powers reach nuclear deal

Iran, 6 major powers reach nuclear deal

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.

READ MORE: Iran nuclear deal LIVE UPDATES

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.

#IranDeal shows constructive engagement works. With this unnecessary crisis resolved, new horizons emerge with a focus on shared challenges.

— Hassan Rouhani (@HassanRouhani) July 14, 2015

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.

Just now, Iran and @iaeaorg agree to accelerate cooperation with aim to fully resolve all prior issues. #IranTalkspic.twitter.com/MjtKsfCvsO

— Hassan Rouhani (@HassanRouhani) July 14, 2015

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.

Final plenary of E3/EU+3 and Iran at 10h30 at the UN. Will be followed by a press conference at the Austrian Center Vienna #IranTalks

— Catherine Ray (@CatherineEUspox) July 14, 2015

#IranTalks UPDATE: Final plenary of EU/P5+1 & Iran at 10:30 am Vienna time at UN. Will be followed by a press conference at Austrian Center.

— Marie Harf (@marieharf) July 14, 2015

READ MORE: Approaching a final deal: Timeline of Iran's nuclear program controversy

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.

READ MORE: Iran, 6 world powers agree to partially lift arms embargo – report

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.