The European Union (EU) will begin lifting sanctions against Iran on Monday, January 20,  the minute it receives the word that Tehran has begun implementing the nuclear deal, EU sources said.
The EU foreign ministers will announce the move in Brussels as soon as inspectors from the UN's nuclear watchdog, the international Atomic Energy Agency (IAEA), confirm that the agreement started to be carried out,  Al-Manar reported on Thursday.Â The agreement will see the United States unfreeze billions in Iranian assets while the EU notably suspends a 2012 ban on insuring and transporting Iranian crude oil . European insurers up until then had accounted for 90 percent of coverage for deliveries of Iranian oil anywhere in the world. The EU also will suspend bans on trade in gold, precious metals and petrochemical products while increasing a ceiling on financial transfers not related to remaining sanctions. If all goes to plan, EU firms from Monday will be able to insure or transport Iranian crude oil to its six customers, China, India, Japan, Korea, Turkey and Taiwan. On Sunday, Iran and the six world powers finalized an agreement on ways to implement the Geneva nuclear deal, which the two sides struck in the Swiss city of Geneva on November 24, 2013, from January 20. On November 24, Iran and the world powers sealed a six-month Joint Plan of Action to lay the groundwork for the full resolution of the West’s decade-old dispute with Iran over its nuclear energy program. In exchange for Tehran’s confidence-building bid to limit certain aspects of its nuclear activities, the Sextet of world powers agreed to lift some of the existing sanctions against Tehran and continue talks with the country to settle all problems between the two sides.