Iran Violates Nuclear Deal, Gives Europe 60-Day Deadline

Iran is back in the headlines.

And Europe may have very little time left to save the accord.

All after Iran announced they’ve started using more advanced centrifuges that could speed up the development of a nuclear weapon.  “We have started lifting limitations on our research and development imposed by the deal,” Behrouz Kamalvandi, an Iranian nuclear agency spokesman said, as quoted by The Guardian.

It’s also been reported that Iran is using IR-4 and IR-6 centrifuges since Friday and could soon test even more advanced models. Officials in the country say an IR-6 can produce enriched uranium “10 times as fast as an IR-1.”

So far, Europe has been powerless to curb Iran’s nuclear ambitions.

Should they fail to reign in those ambitions, Iran could walk away from its commitments, including its promise to refine uranium.

While the International Atomic Energy Agency will be allowed to monitor Iran’s nuclear sites, Iran has also set a 60-day deadline for France, Germany, and Britain.

Or, nuclear escalation could continue.

Iran also has the ability to go above the 20% enrichment of uranium, they say. That would put it “just a short technical step away from weapons-grade levels of 90% enrichment,” says CNBC.

While it’s uncertain as to what could happen next, we’ll be watching markets and oil closely.

Stay tuned for more on this developing story.

By: Ian Cooper of Wellington Insights.  For more insightful commentary from Ian, be sure to sign-up for your free newsletter by clicking here.  Thank you.

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