Obama Seeks to Halt New Sanctions Amid Iran Deal Scrutiny

By Terry Atlas and Michael C. Bender - Jan 14, 2014

President Barack Obama urged Congress to hold off on imposing new sanctions on Iran after the Islamic Republic agreed to curtail its nuclear activities starting Jan. 20 under a deal with world powers.

The agreement restricts Iran’s nuclear activities and imposes more intrusive inspections while starting a six- to 12-month timetable to reach a permanent accord. In return, Iran will benefit from sanctions relief, which the U.S. values at $6 billion to $7 billion over six months.

“It’s going to be difficult, it’s going to be challenging but ultimately this is how diplomacy should work,” Obama said yesterday at the White House after meeting with Spanish Prime Minister Mariano Rajoy.

The accord was reached after Iran and the so-called P5+1 countries -- China, France, Russia, the U.K. and the U.S., plus Germany -- arrived at an understanding over the weekend on how to implement a deal negotiated in November. There were no immediate signs that it would quell efforts in Congress to escalate pressure on Iran with further sanctions.

Iran has threatened to abandon talks if Congress votes to tighten economic restrictions, and Obama has vowed to veto additional sanctions while negotiations continue.

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http://www.bloomberg.com/news/2014-01-14/obama-seeks-to-halt-new-sanctions-amid-iran-deal-scrutiny.html