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November 24, 2013

Some have estimated that international sanctions against Iran have cost the oil-rich nation $120 billion per year.

The United States and other nations have agreed to ease those sanction a bit if Iran agrees to play fair for a while.

The accord reached with Iran last week eases those sanctions a bit. Obama says the "relief" will be $7 billion. Mark Dubowitz, who advocates sanctions, says the relief is underestimated. It would more accurately be calculated at about $20 billion.

Officials in Israel say sanction easing is the wrong way to deal with Iran and prefer sanctions tightening instead.
Iran to Reap $7 Billion in Sanctions Relief Under Accord

By Indira A.R. Lakshmanan / Bloomberg

Iran will get as much as $7 billion in relief from economic sanctions over six months under the first-step agreement reached today in Geneva, the Obama administration said.

In return for Iran limiting its nuclear program, the interim agreement provides for the release of $4.2 billion in frozen oil assets and will let Iran continue exporting oil at current levels, rather than forcing continued reductions by buyers, as would be required under current law, according to a White House statement.

The accord also will “suspend certain sanctions on gold and precious metals, Iran’s auto sector and Iran’s petrochemical exports, potentially providing Iran approximately $1.5 billion in revenue,” the administration said.

Sanctions have cost Iran $120 billion in lost revenue since the U.S. and European Union started imposing strict penalties on energy, ports, insurance, shipping, banking and other Iran-related transactions in 2010, according to U.S. Treasury estimates. While almost all U.S. trade with Iran has been banned for decades, other than food and medical supplies, U.S. restrictions now apply to other countries that trade with the Islamic Republic.

The deal will permit $400 million in tuition payments to schools for Iranian students studying abroad over the six months, and it will give Iran access to civilian aircraft parts as well as help in providing humanitarian aid that isn’t banned by sanctions.

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  1. What do we get? We get peace and free trade. This is good for America. It doesn't matter if this is good for Israel or not. Israel is not the responsibility of the United States.