How lifting of sanctions after compliance on nuclear deal will benefit Iran

Vienna: Iran had dismantled large sections of its nuclear program, as agreed in a historic agreement last summer, paving the way for the immediate lifting of crippling sanctions imposed by the United States, United Nations and European Union.

"Iran has carried out all measures required under the (July deal) to enable Implementation Day (of the deal) to occur," the Vienna-based International Atomic Energy Agency said on Saturday.

"Relations between Iran and the IAEA now enter a new phase. It is an important day for the international community. I congratulate all those who helped make it a reality," said Director General Yukiyo Amano of the International Atomic Energy Agency.

The announcement came just hours after Iran said it had released four Americans, including a Washington Post reporter, Jason Rezaian, as part of a prisoner swap with the United States. U.S. officials said the two deals were negotiated separately, but Secretary of State John Kerry had made it clear in recent weeks that he was engaged in behind-the-scenes talks on the fate of the Americans, and clearly wanted the issue cleared up before the nuclear agreement went into effect.

The lifting of the sanctions is a major step in ending more than three decades of hostility between the two countries.

On part of Iran, the lifting of energy sanctions means Iran could increase its revenue from oil exports by $10bn (£6.9bn) by next year.

According to country’s central bank,lifting banking sanctions will allow $30bn of foreign reserves currently frozen in accounts around the world to be brought back.

According to International Monetary Fund, Iran’s GDP is expected to grow by 5% in 2016-17.

Iran's first Vice-President Eshaq Jahangiri stated that Sanctions have added 15% to the cost of trading with Iran and lifting them will save the country some $15bn yearly in cheaper trade.

News24 Bureau