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US banks do not work effectively to promote 'unfreezing' of ties with Iran — envoy

April 18, 2017, 19:50 UTC+3
1 pages in this article

VIENNA, April 18. /TASS/. The role of financial institutions in implementation of the agreement on Iran’s nuclear program may become the most critical issue at the coming meeting of the commission on the Joint Comprehensive Plan of Action on Iran, Russian Permanent Representative to the International Organizations in Vienna Vladimir Voronkov told TASS.

"I think that the role of financial institutions in the implementation of the agreement will be a very burning issue," the diplomat said.

"Now the process of unfreezing economic relations against Iran is going on as part of lifting of multilateral sanctions. But the US banks are not active enough and don’t work effectively on providing financial mechanisms for this process," he said.

Voronkov also stated that the US economic sanctions against Iran "create an unfavorable climate."

"But the issue of bilateral relations is not in the competence of the joint commission," the diplomat said.

The commission’s meeting will be held in Vienna on April 25. It involves representatives of Iran's and the P5+1 group of international mediators (the five permanent members of the United Nations Security Council and Germany).

Such meetings are held on a regular basis every three months. The agenda includes issues related to the Joint Comprehensive Plan of Action. Voronkov represented Russia at previous meetings in the Austrian capital.

The previous meeting was held in Vienna on January 10.

Joint Comprehensive Plan of Action

Iran and the P5+1 group of international mediators signed a Joint Comprehensive Plan of Action (JCPOA) on Iran’s nuclear program on July 14, 2015 in Vienna.

Under the JCPOA, Iran undertakes to reduce the number of IR-1 first-generation centrifuges at the facility in Natanz from 19,000 to 6,100, of which only 5,060 will be used to enrich uranium in a period of ten years. Apart from that, Iran undertook not to manufacture weapons-grade plutonium, to have not more than 300 kilograms of 3.67% enriched uranium in a period of 15 years, to reshape nuclear facilities and use them exclusively in peaceful purposes. Enrichment activities will be allowed only at the facility in Natanz. The Fordow facility is to be reshaped to manufacture stable isotopes for industrial and medical uses. The heavy water reactor in Arak is to be overhauled to exclude weapons-grade plutonium production. All other centrifuges are to be dismantled and stored under control of the International Atomic Energy Agency (IAEA).

In exchange, sanctions will be gradually removed from Iran. The arms embargo imposed by UN Security Council will be kept in place for five years, ban for supplying ballistic missile technologies to Iran - for eight years. Experts from the International Atomic Energy Agency (IAEA) will monitor nuclear facilities in Iran for the next 25 years. If any points of the agreement are violated by Iran, sanctions against the country will be renewed.

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