Question: On 17 January 2016 US and EU lifted their economic sanction against Iran, These sanctions were due to which of the following purposes
(a) To lower the price of oil from Iran.
(b) To close the Iranian nuclear program.
(c) To restrict Iranian business.
(d) For promoting environmental protection in Iran.
Ans (b)
Related facts:
- On 17 January 2016, United States (US) and European Union (EU) have removed a wide range of nuclear sanctions against Iran after it has meet its commitments to roll back its nuclear programme.
- These sanctions were lifted after International Atomic Energy Agency (IAEA) confirmed that Iran has met its commitments under the Joint Comprehensive Plan of Action (JCPA) or Vienna agreement with P5 + 1(USA, Russia, China, UK, France+ Germany.) countries signed in July 2015.
- Iran has started its nuclear program in 1950 for the peaceful purpose, in 2002 after the disclosure of some of its undeclared nuclear centers concern about the Iran nuclear program began to grow in the international community.
- In 2006, the UN Security Council passed a resolution to ban the Iran nuclear program.
- In same year the US and EU imposed many sanctions on Iran oil exports and trade.
- In November 2013 a historic agreement was done between Iran and US, Britain, Russia, China, France and Germany (P5 + 1) in which Iran agreed on reducing its uranium reserves, Opening its nuclear plants for monitoring, not having more than 5 percent uranium enrichment and not to develop nuclear plant.
- In July 2015, Iran resumed some concessions under an agreement with US and EU.
- Finally on 17 January 2016, United States and the European Union lifted sanctions imposed on Iran due to its nuclear programme.
- Through this agreement nearly 100 billion US dollars of Iranian assets were freed and the both countries announced to release each other’s prisoners.
- Due this agreement Iran will be able to use the banking system in international transactions and making the purchase of Oil and gas by a person or country possible from Iran.
- This agreement led to the suspension of all nuclear related sanctions imposed by US and the United Nations lift the ban on the sale of nuclear-related materials.
- The lifting of the sanctions on Iran will benefit India with lower oil prices and more opportunities for trade.
- It will also bring the proposed Iran-Pakistan-India gas pipeline closer to reality.
Reference:
http://sputniknews.com/politics/20160117/1033260794/eu-us-lift-iran-sanctions.html