The United States and other world powers announced a framework outlining limits on Iran's nuclear program on Thursday in Switzerland, a breakthrough after weeks of negotiations.
The agreement includes direction for a final, formal deal to be signed by the countries by the end of June.
The understanding indicates that Iran and the countries represented have agreed that Iran will restrict its nuclear program by "limiting its enrichment capacity, level and stockpile for specified durations," according to a statement from the UK Foreign office. Iran will also allow greater monitoring of its nuclear activities, according to the agreement, and intends to convert a nuclear reactor and ship spent fuel out of the country. If Iran follows through, the country will receive sanctions relief.
The world powers involved in the talks were the U.S., the United Kingdom, Russia, China, France, and Germany.
"I am convinced that if this framework leads to a final compromise deal, it will make our country, our allies, and our world safer," U.S. President Barack Obama said during a press conference at the White House on Thursday. "This has been a long time coming."
He warned that the work was not yet over.
"The deal has not yet been signed," Obama said. "If there is backsliding on the side of the Iranians, there will be no deal."
Iranian Foreign Minister Mohammad Javad Zarif tweeted after the announcement: "Found solutions. Ready to start drafting immediately."
Zarif, along with European Union Foreign Policy Chief Federica Mogherini, spoke to the press after a final meeting of the seven nations in the nuclear talks. "This is a crucial decision, laying the agreed basis for the final text of the joint comprehensive plan of action," Mogherini said.
Zarif thanked the international community and the media for “actually trying to work with us and help us” over the last several weeks of negotiations. The new deal means that all sanctions on Iran will be lifted if the country meets its obligations, he added.
The announcement came after weeks of talks, which had been extended twice past the deadline on March 31.
Iranian President Hassan Rouhani tweeted that he had thanked Zarif over the phone.
Over the phone now, thanked FM @JZarif, Head of AEOI Salehi & all of our negotiators for their tireless efforts around the clock. #IranTalks— Hassan Rouhani (@HassanRouhani) April 2, 2015
Big day: #EU, P5+1, and #Iran now have parameters to resolve major issues on nuclear program. Back to work soon on a final deal.— John Kerry (@JohnKerry) April 2, 2015
HUGE thanks to our terrific team of U.S. diplomats and experts. Simply could not do #IranTalks without them.— John Kerry (@JohnKerry) April 2, 2015
Pressured by U.S. congressional critics who threaten to impose new sanctions over what they say is a bad emerging deal, the Obama administration is demanding significant public disclosure of agreements and understandings reached at the current round. Iran wants a minimum made public at this point, describing previous two-stage deals as detrimental to their interests, officials say.
Iran wants any results from talks in Lausanne, Switzerland, described less as a deal and more as an informal understanding.
The talks resumed Thursday after a flurry of overnight sessions between U.S. Secretary of State John Kerry and Zarif, as well as other meetings involving the six world powers.
The talks are the latest in more than a decade of diplomatic efforts to curb Iran's nuclear prowess. By blowing through self-imposed deadlines, Obama risks further antagonizing lawmakers in both parties who are poised to take action to upend a deal if they determine the administration has been too conciliatory.
House Speaker John Boehner called the agreement, "an alarming departure from the White House’s initial goals" in a statement released after the announcement.
"My longtime concerns about the parameters of this potential agreement remain, but my immediate concern is the administration signaling it will provide near-term sanctions relief," said Boehner who insisted Congress be allowed to "fully review the details of any agreement before any sanctions are lifted."
The White House fact sheet on the agreed parameters can be viewed below.
Additional information from The Associated Press.