The International Atomic Energy Agency has declared that Iran has met its side of the nuclear deal, which will see huge economic sanctions lifted from the Islamic Republic.
The head of the United Nations’ nuclear agency confirmed that Iran has curbed its ability to make nuclear bombs, and as agreed with world powers in July last year, in return would mean that the nation would be able to gain hugely from the sanctions being lifted.
The sanctions imposed by the European Union, United Nations and U.S.A included the freezing of billions of dollars of assets, disallowing Iranian oil to be sold internationally and trading on global financial markets. The sanctions have cost the country more than $160bn in oil revenue since 2012.
After a decade of unprecedented economic sanctions, which has crippled their economy, Iran, the holder of the world’s fourth-largest reserves of crude and largest of natural gas, is about to be back in business.
The announcement will trigger a financial windfall for Iran, as it stands to gain access to more than $100bn in assets frozen overseas, and will be able to resume selling oil on international markets and using the global financial system for trade
The director General of the International Atomic Energy Agency, Yukiyo Ama said that “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.”