Switzerland’s decision removes a ban on precious metals transactions with Iranian state bodies and the requirement to report trade in Iranian petrochemical products, according to the government statement.
Advertisement
The New York Democrat’s assertion served as a reminder that while Washington has been the driving force behind the deal, which was reached July 14 between Iran and six world powers, the agreement is an worldwide one.
“As an indication of how serious I view the provision of copies of these side agreements to our national security, I intend to condition and/or withhold voluntary contributions to the IAEA in fiscal year 2016 should they not be provided prior to the congressional debate next month”, Graham warned.
First, Iran is unlikely to respond to congressional disapproval by enriching uranium with reckless abandon and thereby validating the skeptics who never trusted its commitment to a exclusively peaceful nuclear program. Quickly withdrawing all of the funds would send a signal that Iran is not confident about the durability of the nuclear deal and wants to repatriate its cash in preparation for new sanctions.
He noted that any increase in Iran’s oil production depends on the removal of sanctions and the country’s oil output will not undergo any change as long as sanctions are in place. The rush of European diplomatic and trade missions to Iran since the deal was agreed upon signals how eager they are to return to the country.
“The pace of the sales of oil from storage remains highly uncertain and will depend on the pace of sanctions relief and the availability of customers for Iranian oil and condensate”, the report pointed out.
Iran’s “famed” hand-woven carpets is likely to dominate the market after sanctions are removed.
In 2012, Michigan passed legislation that prohibited companies with economic relationships with Iran from submitting bids on government contracts.
Notably, this visit comes just a day ahead a planned visit to India by Zarif. Exports to Asia and Africa have not suffered a substantial decline as a result of sanctions, but even exports to these continents are expected to increase with the reduction of restrictions on sea cargo transportation and cargo insurance.
An improved economic and trade position may also increase Iran’s influence elsewhere in Asia, as well.
Switzerland is home to some of the world’s largest trading houses.
Advertisement
The surprise end of Swiss sanctions on Iran on Wednesday won’t allow the country’s legion of commodity traders to handle the Persian Gulf nation’s oil any time soon.
