- Created: Thursday, 20 August 2015 15:46
- Written by Trevor Rayne
With the 14 July 2015 agreement between Iran and the P5 + 1 group (the five permanent members of the UN Security Council plus Germany) on Iran’s nuclear energy programme, enormous investment opportunities for multinational corporations open up in Iran and significant strategic changes in the Middle East may be in the offing. The deal should lead to the removal of US and European Union sanctions on Iran in early 2016 and give Iran access to over $100bn frozen in overseas banks. Sanctions have cost Iran $160bn in oil sales in three years. The US has imposed sanctions on Iran since 1979; these may be removed. Israeli Prime Minister Netanyahu was furious at the deal, calling it a ‘stunning, historical mistake’ that will make the world a ‘more dangerous place’. Saudi Arabia threatened to develop its own nuclear industry. Saudi Arabia and Israel fear an economically strong Iran which the removal of sanctions could bring. They also fear that their strategic significance to imperialism will be downgraded and that the advantages that have come with it will be reduced.