The US and the five other countries involved agree to extend the July 20th deadline by four months to give Iran more time to dismantle parts of its nuclear-development program. The extension was expected. President Obama says:
It’s clear to me that we have made real progress in several areas and that we have a credible way forward. But as we approach a deadline … there are still some significant gaps between the international community and Iran, and we have more work to do.
During the extension period, Iran will continue to have access to $2.8 billion in assets previously restricted by the U.S., but sanctions against its oil sales and other assets will remain frozen. John Kerry says:
Let me be clear, Iran will not get any more money during these four months than it did during the last six months.