The negotiations in Geneva involve Iran and the permanent members of the UN Security Council – the United States, Russia, China, France and Britain – plus Germany. While Iran has in the past suggested broadening the agenda to include issues like Afghanistan, Iraq or Syria, the six powers have insisted on sticking to Tehran’s nuclear activity.

The Islamic Republic, which harbours some of the world’s largest oil and gas reserves, wants the six powers to lift increasingly tough restrictions that have slashed its daily crude sales revenue by 60 per cent in the last two years.

Iran and the powers are discussing a partial nuclear suspension deal covering around half a year. If a preliminary deal is nailed down, it would only be the first stage in a process involving many rounds of intricate negotiations in the next few months aimed at securing a permanent agreement.

One main idea under consideration is the disbursement in instalments of up to around $50 billion of Iranian funds blocked in foreign accounts for decades. Another gesture would entail temporarily relaxing restrictions on metals trade.

A further gesture could be Washington suspending pressure on countries not to buy Iranian oil. Diplomats say that such a move by Washington could be immediate and easily reversible if Iran failed to meet its obligations under a deal.

Negotiators have limited political room to manoeuvre as conservatives in Tehran and in Washington could denounce any agreement they believed went too far and seek to undermine it.

One Western diplomat said that Israel’s fury at the proposed deal might actually make it easier for Rouhani to sell the interim deal to sceptics in Iran’s powerful security and clerical elites who are wary of US overtures to Tehran 33 years after Washington broke off diplomatic relations. (Reuters)

Tehran wants respite from a panoply of international sanctions choking its economy. The United States has said world powers will consider some sanctions relief, while leaving the complex web of US, EU and UN restrictions in place, if Iran takes verifiable steps to rein in its nuclear programme.

Israel has argued against sanctions relief until Iran has scrapped its enrichment facilities. “The Iranians are walking around very satisfied in Geneva – as well they should be, because they got everything and paid nothing,” Netanyahu said. (Reuters)

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