After 10 years Iran and six world powers reached a temporary agreement. Both side have six months to find out how historic the breakthrough really is. In the next six months, Iran’s crude oil sales cannot increase. Oil sanctions alone will result in roughly $5 billion per month compared to what Iran earned in a six month period in 2011, before these sanctions took effect. While Iran will be allowed access to $4.2 billion of its oil sales, nearly $15 billion of its revenues during this period will go into restricted overseas accounts. In summary, we expect the balance of Iran’s money in restricted accounts overseas will actually increase, not decrease, under the terms of this deal.
Kerry argued the sanctions part of the agreement is hardly a boost for Iran. The deal says that the U.S. will provide $6 billion to $7 billion in sanction relief — just a drop in the bucket compared to the roughly $100 billion in foreign exchange holdings that are inaccessible to Iran because of sanctions, the White House says.
A better deal would have included Iranians shipping out their highly enriched uranium to be converted elsewhere, says Aaron David Miller, vice president of the Woodrow Wilson International Center for Scholars. “It would have been better … if Iran had much more of their nuclear infrastructure put out of use. But that’s the deal they got.”
Since the 1979 revolution, concerns have escalated that Iran could enrich uranium and make atomic weapons. Iran has maintained its nuclear program is only for peaceful purposes.