MOSCOW (Sputnik) — On July 14, 2015, the P5+1 group of countries reached the JCPOA to ensure the peaceful nature of Iran’s nuclear program in return for sanctions relief.
The agreement came into force on January 16, 2016, after the International Atomic Energy Agency (IAEA) submitted a report confirming the readiness of Iran's authorities to implement the program to reduce the country’s nuclear potential. Iran ramped up both oil production and investment in the sector after the deal.
"Today marks the one-year anniversary of the implementation of the Joint Comprehensive Plan of Action (JCPOA) — a deal that has achieved significant, concrete results in making the United States and the world a safer place… In short, Iran is upholding its commitments, demonstrating the success of diplomacy," Obama said as quoted in the White House press release.
He added that the historic understanding reached between the United States, France, the United Kingdom, Germany, China, Russia, the European Union (P5+1) and Iran allowed to prevent Tehran from obtaining nuclear weapons.