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Iran's Nuclear Deal

  • It came after years of tension over Iran's alleged efforts to develop a nuclear weapon. Iran insisted that its nuclear programme was entirely peaceful, but the international community did not believe that.
  • In 2015, Iran agreed a long-term deal on its nuclear programme with a group of world powers known as the P5+1 - the US, UK, France, China, Russia and Germany.
  • Under the accord, Iran agreed to limit its sensitive nuclear activities and allow in international inspectors in return for the lifting of crippling economic sanctions.
  • Sanctions previously imposed by the UN, US and EU in an attempt to force Iran to halt uranium enrichment crippled its economy, costing the country more than $160bn (£118bn) in oil revenue from 2012 to 2016 alone.
  • US experts estimated then that if Iran had decided to rush to make a bomb, it would take two to three months until it had enough 90%-enriched uranium to build a nuclear weapon - the so-called "break-out time".
  • Before it was signed, Iran had a uranium stockpile that was big enough to create eight to 10 nuclear bombs.The deal means the country had to reduce its stockpile by 98%.
  • Under the deal, Iran gained access to more than $100bn in assets frozen overseas, and was able to resume selling oil on international markets and using the global financial system for trade.
  • However, in May 2018, US President Donald Trump abandoned the landmark deal and in November that year, he reinstated sanctions targeting both Iran and states that trade with it.
  • US asked other countries including India (major iran's oil impoter) to stop importing iran's oil by Nov,14 2018 .
  • They led to a downturn in Iran's economy, pushing the value of its currency to record lows, quadrupling its annual inflation rate, driving away foreign investors, and triggering protests.
  • Afterwards US granted a 6 month wavier to 8 countries(including India) .
  • But as the term of wavier has came to an end Iran has given ultimatum to other countries other than US who were involved in nuclear deal.
  • Iran has threatened to reduce Iran's compliance under the international nuclear deal and increase the level of its uranium enrichment if new and better terms are not reached within the next 60 days.

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