Sanctions about to be lifted as Iran celebrates return to international fold

International sanctions on Iran are likely to be lifted on Saturday after it yielded to pressure to scale back its nuclear ambitions. The move is set to be confirmed when the International Atomic Energy Agency issues its final report on how Tehran has dealt with the demands in Vienna. It would allow billions of dollars of investment to flow into the country ending decades as an international outcast. It could also free Iran to sell its main economic asset - millions of dollars of barrels of oil.

Today is a good day for the Iranian people as sanctions will be lifted today

Iran foreign minister Mohammad Javad Zarif

The IAEA will release a report in Vienna confirming that Iran has completed its commitments under last year’s nuclear deal, triggering Implementation Day and the lifting of sanctions. “Today with the release of the IAEA chief’s report the nuclear deal will be implemented, after which a joint statement will be made to announce the beginning of the deal,” foreign minister Mohammad Javad Zarif said. Although Iran has long said it never intended to build a nuclear bomb, there are strict snapback safeguards in place should it break the deal. “Iran may test the boundaries of the agreement. It is critical that violations do not go unpunished, or the deal could be killed by a thousand paper cuts,” said Kelsey Davenport, of the Arms Control Association.

All parties have continued making steady progress towards implementation day… which will ensure the exclusively peaceful nature of Iran’s nuclear programme

IAEA deputy spokesman Mark Toner