End of sanctions is set to boost Iran's economy

Iran has been suffering under massive economic sanctions for nearly 10 years, imposed by the United Nations, the United States and the European Union to increasingly restrictive degrees.

In 2012, the EU banned oil and gas imports from Iran.

As a result, the Islamic state's annual oil revenues plummeted from 118 billion dollars in 2011 to 42 billion dollars in 2013.

Now that the sanctions have been removed under Iran's nuclear deal with six world powers, the country's 78 million inhabitants and companies around the world expect to profit from renewed trade and business.

Here are 10 outcomes of the end of the sanctions regime:

1. Exports of Iranian oil and gas to the EU can resume.

2. Western firms are now allowed to supply equipment to Iran's oil and gas fields.

3. Western insurance companies can resume insuring Iranian oil shipments.

4. An overall ban of doing business with Iran's energy sector is removed.

5. Iranian banks will be reconnected to SWIFT, the global financial transaction system.

6. Foreign banks are allowed to issue loans to back trade projects with Iran.

7. Iran gets access to at least 100 billion dollars of its oil revenues that had been frozen in foreign accounts.

8. Sanctions against Iranian companies and hundreds of individuals connected with the country's nuclear programme are revoked.

9. Boeing and Airbus will be able to sell aircraft and spare parts for the civilian aviation sector.

10. Western car makers can resume exports to Iran.

A number of sanctions will remain in place for several years, including embargoes on trade with heavy weapons and on Iran's ballistic missile programme.

The UN sanctions that have formed the basis for Western punitive measures can be quickly be put into place again under a so-called "snap-back mechanism."

This would come into force if Iran violated its side of the agreement with the six powers - if, for example, it failed to keep its nuclear programmes under the agreed strict limits.

Last update: Sun, 17/01/2016 - 00:31

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