Iran will emerge from years of economic isolation after world powers began to lift crippling sanctions against the Islamic Republic in return for Tehran complying with a deal to curb its nuclear ambitions.
Here is a list of what should happen now:
Pedestrians cross a street in central Tehran, Iran, on Saturday, ahead of crippling sanctions being lifted.Credit: Vahid Salemi
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
"Today marks the start of a safer world," US Secretary of State John Kerry said.Credit: Kevin Lamarque
3. Western insurance companies can resume insuring Iranian oil shipments
4. An overall ban on doing business with Iran's energy sector is removed
5. Iranian banks will be reconnected to SWIFT, the global inter-banking transaction system
6. Foreign banks are allowed to issue loans to back trade projects with Iran
Iranian Foreign Minister Mohammad Javad Zarif, left, IAEA Director Yukiya Amano and EU High Representative Federica Mogherini, right, arrive at the IIAEA, in Vienna, on Saturday. Credit: AP
7. Iran gets access to at least $US100 billion ($145,000 billion) 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 program 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
But a number of sanctions will remain in place for several years, including embargoes on trade with heavy weapons and on Iran's ballistic missile program.
The UN sanctions that have formed the basis for Western punitive measures can be quickly put into place again under a so-called "snap-back mechanism" if Iran violated its side of the agreement - if, for example, it failed to keep its nuclear programs under the agreed strict limits.
DPA