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US, Europe prepares to lift trade sanctions vs Iran

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US, Europe prepares to lift trade sanctions vs Iran

EPA

The United States and Europe began preparing to lift the trade sanctions that hobbled the Iranian economy Sunday as a historic nuclear deal came into effect. The procedure to lift the embargo began 90 days after the UN Security Council endorsed the accord signed in Vienna in July, a milestone referred to as “Adoption Day.” Foreign firms will not be able to resume ties with Iran’s oil industry and banks right away – sanctions will remain in place until Iran fulfills its end of the bargain. The next stage in the process – “implementation day” – will only come when UN nuclear watchdog the IAEA confirms Iran has dramatically scaled back its nuclear program. Iran said that lengthy process may start this week.

Read more on the Iran trade sanctions on Rappler.

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