New Iran Nuclear Deal Would Reportedly Stipulate Fine for US if Washington Unilaterally Quits Again

The US has been engaged in negotiations with Iran and the other signatories to the nuclear deal for over a year now. While the deal was reported to be close to restoration in February, unclarified obstacles prevented it and once again stalled the process.

The US would face a fine if it decides to unilaterally withdraw from the Iran nuclear deal if it is restored after renewed diplomatic efforts, Al Jazeera reports, citing anonymous sources.

Washington's decision in May 2018 to pull out from the accord, officially known as the Joint Comprehensive Plan of Action (JCPOA), jeopardized the deal and put it on the verge of collapse. Tehran repeatedly pointed out that for the renewed agreement to work, there must be guarantees that the US won't ditch it again in order to re-impose sanctions on Iran.

Al Jazeera's sources claim that if the new nuclear deal with Iran is signed, about 17 of the Islamic Republic's banks and 150 of its other economic entities will have US sanctions against them lifted on day one. In addition, some $7 billion of Iran's funds stored in South Korea will reportedly be released when the new agreement is signed.

Tehran, in return, would start to gradually walk back enhancements it made to the nuclear program, the report said. Iran will have the opportunity to sell 2.5 million barrels of oil per day 120 days after signing, but will also be allowed to ship 50 million barrels within the first four months of the signing as a "verification mechanism", sources claim.

The reported framework of the deal suggests four phases of returning to compliance with the original JCPOA and two time periods, each lasting 60 days.

A year after the US ditched the JCPOA, Iran started to boost its uranium fuel enrichment beyond the levels approved by the JCPOA. It also started stockpiling more nuclear fuel than was allowed and severely limited the inspections of the IAEA that were also part of the agreement. Tehran insisted that since it gained no benefits from the nuclear deal due to the US sanctions it should not make sacrifices for it.

The US and the remaining signatories to the JCPOA have met several times since 2021 to try and discuss a return to compliance with the original accord, but numerous obstacles have stalled these attempts. The deal was reportedly close to being signed in February 2022, but the US reputedly failed to assure Iran that it won't be sanctioned for trade with Russia after the deal is signed.