KAVIR Motor | Sanctions over Iran's automotive sector lifted

Sanctions over Iran's automotive sector lifted

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GENEVA (Reuters) - Iran and six world powers reached a breakthrough deal early on Sunday to curb Tehran's nuclear program in exchange for limited sanctions relief, in what could be the first sign of an emerging rapprochement between the Islamic state and the West...2...

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The agreement between Iran and the United States, France, Germany, Britain, China and Russia was clinched after more than four days of tortuous negotiations in the Swiss city of Geneva.

Potential access is now obtained by Iran to $1.5 billion in revenue from trade in gold and precious metals and the suspension of some sanctions on Iran's auto sector, and its petrochemical exports. 

EU foreign policy chief Catherine Ashton, who has been coordinating talks with Iran on behalf of the major powers, said it created time and space for talks aimed at reaching a comprehensive solution to the dispute..

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"This is only a first step," Iranian Foreign Minister Mohammad Javad Zarif told a news conference. "We need to start moving in the direction of restoring confidence, a direction in which we have managed to move against in the past.".

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U.N. Secretary-General Ban Ki-moon warmly welcomed the interim agreement and urged the governments concerned "to do everything possible to build on this encouraging start"..

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Diplomacy with Iran was stepped up after the June landslide election of Hassan Rouhani, a relative moderate, as Iranian president in June, replacing bellicose Mahmoud Ahmadinejad..

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Rouhani's policy of "constructive engagement" with the outside world aims to get sanctions lifted. .

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On a Twitter account widely recognized as representing Rouhani, a message said: "Iranian people's vote for moderation & constructive engagement + tireless efforts by negotiating teams are to open new horizons."

- Potential access to $1.5 billion in revenue from trade in gold and precious metals and the suspension of some sanctions on Iran's auto sector, and its petrochemical exports. .

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- Allow purchases of Iranian oil to remain at their currently significantly reduced levels. "$4.2 billion from these sales will be allowed to be transferred in installments if, and as, Iran fulfils its commitments," the fact sheet said..

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- License safety-related repairs and inspections inside Iran for certain Iranian airlines..

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Most of the sanctions, Kerry said, would remain in place..

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"The approximately $7 billion in relief is a fraction of the costs that Iran will continue to incur during this first phase under the sanctions that will remain in place," the White House said. "The vast majority of Iran's approximately $100 billion in foreign exchange holdings are inaccessible or restricted.".

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Full news: http://www.reuters.com/assets/print?aid=USBRE9AI0CV20131124