Iran, world leaders on track to end nuclear dispute

Iran and world leaders announced Thursday they reached an outline accord intended to keep that country on track toward ending a nuclear dispute.

President Barack Obama called the result of talks between Iran and global leaders, which have extended beyond their original deadline, a “historic understanding” that will prevent the country from obtaining nuclear weapons.

The accord will set a schedule for Iran’s enrichment of uranium, limit enrichment to a single site, allow the process to be monitored internationally over the next 25 years and extend the period of time Iran would need to obtain nuclear weapons by more than a year. The accord also will allow three more months to reach a final settlement, according to Bloomberg Business.

In return, the United States and the European Union will lift economic sanctions on the Islamic Republic’s economy once inspectors have verified Iran is in compliance.

Read more from Bloomberg Business.