Sanctions lifted following Iran's compliance with nuclear deal

After years of economic isolation, it was a great sigh of relief for Iran when the United States and European nations lifted oil and financial sanctions.

Also, the world powers released Iran’s assets valued at around $100 billion after international inspectors concluded that the country had followed through on promises to dismantle large sections of its nuclear programme.

“This achievement clearly demonstrates that with political will, perseverance, and through multilateral diplomacy, we can solve the most difficult issues and find practical solutions that are effectively implemented,” said Federica Mogherini, European Union Foreign Affairs Chief while speaking to journalists in Vienna.

U.S. Secretary of State John Kerry confirmed Iran’s compliance to the agreement.

“We welcome that Iran has followed through on the promises that it made. It has kept its word and we will continue to do the same, but we will also remain vigilant in verifying Iran’s compliance, every hour of every day in the years ahead,” Kerry said.

This came at the end of a day of high drama that played out in a diplomatic dance across Europe and the Middle East, just hours after Tehran and Washington swapped long-held prisoners.

Five Americans including Washington Post reporter Jason Rezaian were released by Iran hours before the nuclear accord was implemented.

Iran’s President Hassan Rouhani welcomed the announcement.

#ImplementationDay—I thank God for this blessing & bow to the greatness of the patient nation of Iran. Congrats on this glorious victory!

— Hassan Rouhani (@HassanRouhani) January 16, 2016

The move opens up Iran’s relationship with international markets as the US formally lifted banking, steel, shipping and other sanctions on Iran, while the EU began the process of lifting sanctions.

Iran’s transport minister said Tehran plans to buy 114 civil aircraft from European aircraft maker Airbus.