Here comes President Obama's statement on the Iran nuclear deal

AP89360028427AP/Susan WalshPresident Barack Obama.

President Barack Obama is about to give a speech reacting to the framework for a nuclear deal with Iran that was reached by negotiators on Thursday.

Obama will deliver a statement from the Rose Garden at 2:15 p.m.

The president’s statement comes hours after negotiators in Lausanne, Switzerland announced that they had reached a framework for a deal that would curb Tehran’s ability to produce a nuclear weapon in exchange for the US and other powers rolling back sanctions against Iran.

As part of the deal, the US and its partners agreed to immediately lift all sanctions on Iran’s banking and oil sectors once a comprehensive agreement is signed, according to Iranian foreign minister Javad Zarif.

The deal will reportedly last 10 years and will also require Iran to dilute most of its enriched uranium or ship it to a foreign country, according to Reuters.

This post will be continuously updated during the president’s remarks.

NOW WATCH: We went inside the top-secret tunnel under Grand Central that only presidents use

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.