Deadline missed, Iran, world powers to continue talks later

Iran and six world powers announced early on Saturday that they had agreed to extend their deadline, due to expire on Sunday, to arrive at a comprehensive nuclear accord to curb Iran's nuclear programme in exchange for ending sanctions that would enable the country to access $2.8 billion of its funds frozen by sanctions.

Till then, most sanctions against Iran would continue to remain. It said, the relief provided to Iran "has been limited, and the overwhelming majority of our sanctions remain in force".

Talks between Iran and six world powers - the United States, Britain, France, Germany, Russia and China (the P5 group) - over the Islamic country's nuclear programme began in Viennan in May this year. (See: Iran begins talks with 'big six' powers over ending economic boycott ).

For the last three weeks, officials from the P5 group and Iran had been negotiating a comprehensive agreement, that till now remained inconclusive.

The US government, which has taken the lead in pushing Iran for a nuclear roll back, said in a statement, "We will not accept anything less than a comprehensive resolution that meets our objectives, which is why it is necessary for negotiations to continue.

"By moving forward, we will be able to preserve international unity, continue to halt the progress of Iran's nuclear program, and pursue a comprehensive resolution that is coming into shape," it added.

Iran will be allowed to accessan additional $2.8 billion of its frozen assets  in tranches during the period of extended talks, senior US officials told reporters in Vienna.

The extension will allow negotiations to continue while ensuring that the progress of Iran's nuclear programme remains suspended.

Iran and the P5 group had reached an initial milestone in November when they agreed to a joint plan of action, under which Iran committed to stop its nuclear programme, roll back certain parts of it, and allow access for international inspectors in exchange for relief from sanctions.

The issues before the negotiators are complex -  reaching a comprehensive deal imposing strict limits on Iran's enrichment capacity and facilities, addressing and eliminating proliferation concerns of the western nations over Iran's Arak nuclear reactor, and establishing additional verification mechanism to help detect any covert attempts at proliferation as quickly as possible.

Arak is the site of a 40 megawatt nuclear reactor and heavy water production plant currently under construction. The reactor was to have begun operations this year.

The International Atomic Energy Agency says Iran has met its commitments under the initial accord - stopping its uranium enrichment to higher levels; taking steps to neutralise its stockpile of nuclear material; refraining from installing more centrifuges including its more advanced models; stopping further work at the Arak reactor; and submitting to broader and far more frequent inspections of its facilities (See: Iran stops uranium enrichment after deal).

The US government statement added, "Going forward, we have an opportunity to achieve a lasting, diplomatic solution that will resolve one of the most pressing national security issues of our time."