US and EU lifted off their sanctions on the Iran following the UN nuclear watchdogs findings that Tehran had curbed its nuclear program as promised. With this dramatic move of lifting of sanctions, Tehran also announced the release of five American prisoners as a part of prisoners swap with America.
Tens of billions of dollars worth of Iranian assets will now be unfrozen and global companies that have been barred from doing business there will be able to exploit a market hungry for everything from automobiles to airplane parts. The UN nuclear watchdog ruled on Saturday that Iran had abide by an agreement last year with six world powers to curtail its nuclear program, triggering the end of sanctions.
Within minutes, the United States formally lifted banking, steel, shipping and other sanctions on Iran, a major oil producer that has been virtually shut out of international markets for the past five years.The European Union also began the process of lifting sanctions and Iran’s transport minister said Tehran planned to buy 114 civil aircraft from European aircraft maker Airbus.
Australia would also lift sanctions on the Islamic republic, Foreign Minister Julie Bishop said. The lifting of sanctions means more money and prestige for Shiite Muslim Iran as it becomes deeply embroiled in the sectarian conflicts of the Middle East, notably in the Syrian civil war, where its allies are facing Sunni Muslim rebels.