The European Union has agreed to suspend some economic sanctions against Iran as part of a ground-breaking nuclear agreement. Under the deal, Tehran has scaled back its nuclear work and ceased enriching uranium above 5 percent.<br /><br /> It will continue to produce lower-level uranium.<br /><br /> Measures targeting petrochemical products, gold and other precious metals, the auto industry, passenger plane parts and services will be lifted immediately.<br /><br /> Behrouz Kamalvandi, spokesman for Iran’s Atomic Energy Organisation (IAEA) said: “Those centrifuges will continue to produce 5 percent uranium. In other words none of our centrifuges will be idle during the next six months.”<br /><br /> The IAEA confirmed that higher-level uranium enrichment in the Natanz facility in central Iran had been stopped.<br /><br /> Meanwhile, back in Tehran, some residents described the move as a key step toward easing more of the sanctions that have crippled the country’s economy.<br /><br /> “The market is somehow resisting. Everybody is waiting to see a final result. However, the rial (Iranian currency) has gained 500 against the US dollar and gold coins are now 200,000 rials cheaper. I hope, and I’m sure, that this positive trend will continue,” said Ashkan Ordookhani, owner of a bureau de change in Tehran.<br /><br /> “I am happy that our negotiators reached such a good agreement. ... I believe there will be a positive impact on our lives and the economy,” said Nasseri, a resident of Tehran.<br /><br /> The sanctions have severely damaged Iran’s oil-dependent economy. The suspending some of the measures by the EU will certainly provide relief to many ordinary Iranians.
