Well, the U.S. administration will claim that they have yet to unwind the sanctions, that they've provided only limited direct sanctions relief in a few key areas. I think those key areas with respect to oil shipments, petrochemicals, auto parts and the release of about $4 billion in trapped oil revenues has provided a not insignificant boost to the Iranian economy. What has fundamentally changed the Iranian economy's trajectory—from 2012 when it was in a deep recession and heading downwards to 2014 looking forward where the economy has stabilized and is now experiencing a modest, albeit fragile, recovery—is that the decision was made by the administration in mid-2013 not to intensify the pressure, not to double down on sanctions but, indeed, to stop the escalation of sanctions.
The net result is that oxygen has been introduced into the Iranian economy. Rouhani and his economics team have more space to operate now, and sentiment has changed. The sentiment has gone from despair to hope inside Iran. Outside Iran it's gone from fear of sanctions to greed as companies try to be the first in line to come rushing in. The net result of this is that we, the west, have diminished our negotiating leverage vis-à-vis Iran, and the net result of that is that we have retreated from our red lines with respect to Iran's military nuclear infrastructure as the Iranians increasingly have said, “No, no, no, not negotiable”.