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Iran has met all the requirements under its nuclear deal with world powers to gain relief from international sanctions beginning as early as this week. Yet that long-awaited moment may prove to be a bit of a political and economic letdown for the Islamic Republic.
The price of oil has dropped so much since the nuclear negotiations began several years ago that estimated annual revenues from exports by the oil-rich country will be less than half original expectations. And it is still unclear what the U.S. Treasury will allow foreign banks and businesses to do in their dealings with Iran without running afoul of U.S. sanctions that will remain on the books.
One certainty: an estimated $56 billion to $100 billion cash infusion from frozen assets that comes with sanctions relief. It may be used to purchase military equipment and benefit companies controlled by Iran’s conservative Islamic Revolutionary Guard Corps, not middle-class Iranians who the White House had hoped would feel empowered by the deal to push Iran to become a more cooperative member of the world community.
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