British Foreign Secretary William Hague has outlined to the UK parliament the nuclear deal between Iran and the six world powers to temporarily freeze Tehran's nuclear activities.
Speaking before the House of Commons in London on Monday, Hague covered the extensive commitments that Iran has made.
He told MPs that Iran has agreed a comprehensive plan that will ensure that the end goal would mean that Iran’s nuclear program would be for "exclusively peaceful purposes".
According to the deal, Iran will cease enrichment of Uranium above 5 per cent after which it becomes much easier to produce weapons grade Uranium, he said in a statement to the parliament.
"Furthermore it has undertaken to eradicate the stockpile of the most concerning form of Uranium, enriched above 5 per cent by diluting half of it to a level of less than 5 per cent and converting the remaining half to Oxide.
“Iran will not install or bring into operation advanced centrifuges that could enable it to bring into use dangerous levels of enriched Uranium more quickly," Hague said.
Iran will also submit to new enhanced monitoring of its nuclear program and it will not commission its Arak reactor which offers the Islamic republic an enrichment process via Plutonium rather than Uranium.
William Hague said that if Iran implements this agreement it will not be able to "move closer to obtaining a nuclear weapons capability."
"Moreover some of the most dangerous elements of Iran’s program are not only frozen but actually rolled back," he added.
In return the US and the European Union will have a "limited sanctions relief" and the US will reduce sanctions on Iran’s oil customers along with repatriating some of Iran’s oil revenue held abroad.
The British foreign secretary also outlined some of the Iranian industries that will see an easing of sanctions but said that, "core sanctions on Iranian oil and gas will remain in place."
Hague said that the total value of the sanctions relief was estimated at $7 billion over the six-month period. He also said that there would be no new nuclear-related sanctions against Iran during the interim agreement period. The oil embargo, however, will remain in place.
“The bulk of the international sanctions on Iran will remain in place,” he told the parliament.
Hague said that if the international community were convinced that Iran’s nuclear program was for peaceful means then he "envisages a mutually defined enrichment program with agreed parameters and limits but only as part of a comprehensive agreement where nothing is agreed until everything is agreed."
Hague said that this potential agreement would lead to a lifting to all UN Security Council sanctions.