UPDATE: Iran halts highly-enriched uranium production, EU and U.S. to drop some sanctions

BY newsdesk  January 20, 2014 at 10:17 AM EDT  | Updated: Jan 20, 2014 at 11:35 AM

The United States announced it will halt some sanctions on Iran.

Early this morning, Reuters published details of a confidential IAEA report revealing that Iran has halted production of highly-enriched uranium, following the schedule agreed upon in negotiations with the United Nations.

Once Iran meets previously-agreed upon targets for the shutdown of their nuclear program, the U.S. and EU will begin to lift some sanctions on the Iranian economy. The EU has already announced some suspensions.