A deal to limit and roll back Iran's nuclear development has been reached, the White House announced late Saturday.
The agreement comes after a series of negotiations between Iran and the P-5+1: the United States, United Kingdom, Germany, France, Russia and China.
Among other agreements, Iran committed to halt enrichment after five percent, neutralize its stockpile of 20 percent uranium and stop the installation and use of new centrifuges.
"These are substantial limitations which will help prevent Iran from developing a nuclear weapon," President Obama said. "[These negotiations] halted the progress of the Iranian nuclear program and key parts of the nuclear program will be rolled back."
In exchange, Iran will be granted approximately $7 billion in what the president called "modest" sanction relief. The P-5+1 has agreed to not impose new sanctions over the next six months while negotiations over Iran's nuclear program continue.
That agreement, however, will depend on the cooperation of Congress, which the president did not fail to acknowledge during his remarks Saturday.
"Iran, like any other nation, should be able to access peaceful nuclear energy," Obama said.
The president said these talks were a "first step" and noted there would be more diplomatic negotiations in the coming months.