Iran and six world powers reached a nuclear deal today, capping more than a decade of negotiations with an agreement that could transform the Middle East, and which Israel called an "historic surrender."
Under the deal, sanctions imposed by the United States, European Union and United Nations would be lifted in return for Iran agreeing long-term curbs on a nuclear programme that the West has suspected was aimed at creating a nuclear bomb.
International sanctions imposed to force Iran to curb its nuclear programme have halved its oil exports to just over 1 million barrels per day since 2012, and hammered its economy.
But the major oil-related sanctions were imposed by the United States and the European Union in 2012 to pile pressure on Iran over its nuclear programme. The sanctions are multi-layered, and will take time to remove fully.
Here is a summary of the measures currently in force, which US Treasury Secretary Jack Lew has estimated have cost Iran more than $160 billion in oil revenue alone since 2012:
American companies and individuals are prohibited from trading directly or indirectly with Iran's oil and gas sector, the government of Iran, or individuals connected to the oil and gas sector or in any financing of it. US interests are also prevented from investing in Iran's oil and gas industries.
Companies or individuals who breach the sanctions risk significant fines, asset freezes, being cut off from the U.S. dollar banking system, or even being blacklisted themselves.
The EU has also imposed sanctions prohibiting trade with Iran's oil sector. This includes any business with any part of Iran's energy sector or government agencies related to it and any investments in that industry.
Shipping and Insurance
Iran's oil sector has found it increasingly hard to transport oil or insure cargoes.
EU and US sanctions have blacklisted Iran's shipping sector, including its top tanker owner NITC, meaning US and European companies are prohibited from trading with it.
NITC is Iran's main transporter of oil. The main port operator, Tidewater Middle East Co, is also subject to sanctions, which has complicated shipments from export terminals.
Iran has also been prohibited from securing the services of international ship classification firms, which certify that vessels have met the safety and environmental standards necessary to obtain insurance and access to ports
Under the deal, sanctions imposed by the United States, European Union and United Nations would be lifted in return for Iran agreeing long-term curbs on a nuclear programme that the West has suspected was aimed at creating a nuclear bomb.
International sanctions imposed to force Iran to curb its nuclear programme have halved its oil exports to just over 1 million barrels per day since 2012, and hammered its economy.
But the major oil-related sanctions were imposed by the United States and the European Union in 2012 to pile pressure on Iran over its nuclear programme. The sanctions are multi-layered, and will take time to remove fully.
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Here is a summary of the measures currently in force, which US Treasury Secretary Jack Lew has estimated have cost Iran more than $160 billion in oil revenue alone since 2012:
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American companies and individuals are prohibited from trading directly or indirectly with Iran's oil and gas sector, the government of Iran, or individuals connected to the oil and gas sector or in any financing of it. US interests are also prevented from investing in Iran's oil and gas industries.
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Companies or individuals who breach the sanctions risk significant fines, asset freezes, being cut off from the U.S. dollar banking system, or even being blacklisted themselves.
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The EU has also imposed sanctions prohibiting trade with Iran's oil sector. This includes any business with any part of Iran's energy sector or government agencies related to it and any investments in that industry.
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Shipping and Insurance
Iran's oil sector has found it increasingly hard to transport oil or insure cargoes.
EU and US sanctions have blacklisted Iran's shipping sector, including its top tanker owner NITC, meaning US and European companies are prohibited from trading with it.
NITC is Iran's main transporter of oil. The main port operator, Tidewater Middle East Co, is also subject to sanctions, which has complicated shipments from export terminals.
Iran has also been prohibited from securing the services of international ship classification firms, which certify that vessels have met the safety and environmental standards necessary to obtain insurance and access to ports
© Thomson Reuters 2015
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