Sanctions on Iran will be lifted: Zarif

“We have a long-lasting relationship with Iran and post lifting of sanctions we will evaluate the scenario”, said L K Gupta, managing director of India’s Essar Oil.

“Today is a good day for the Iranian people as sanctions will be lifted today”, Zarif was quoted as saying by the ISNA agency on Saturday. “If you’re a USA person, the world does not change hardly at all on implementation day”.

Iran hopes to raise its exports to India by 200,000 bpd, up from the 260,000 bpd now shipped under sanctions’ restrictions, the official said.

Zarif has argued, including in a New York Times Op-Ed column last week, that Iran could be a partner for the West fighting Sunni Muslim militants, who he said are spurred on by policies adopted by Saudi Arabia. Sanctions have blocked Iran from at least $50 billion in frozen assets.

USA sanctions ban the sale of aircraft and parts to Iran.

“This untapped market, with a large young population, offers investors exciting prospects and Iran has been making a concerted effort to capitalize on this new interest”, he said.

However, sanctions on nuclear materials and those in place on Iran’s alleged funding for terrorist groups, its human rights abuses and its military programmes will all remain in place.

America’s top diplomat will meet with his Iranian counterpart and a top European Union official in Europe, the State Department announced Friday.

“We’re here as Americans to speak with one voice to say stop Iran now, reject this deal”, said George Pataki, the former three-term Republican governor of NY. Iran’s vast energy resources are underdeveloped, and the country needs investment in this field.

“Almost all details are ironed out”, one source told Reuters. The worldwide sanctions regime has also led to increased air pollution in the country, greater hardship for Iranian students studying overseas, and the rise of a shadow black market in Iran. Some analysts believe $20 oil is on the horizon.

The EU would end its embargo of Iranian oil, which would pump more money into the Iranian economy.

What does Iran stand to gain?

The reactor core was capable of producing plutonium and its fate was a major point of disagreement during the negotiations between six leading world powers and Iran. Moreover, sanctions can be re-imposed if Iran violates agreement.

Iran’s return comes as the industry is poised to cut spending for a second straight year by 15 percent to $444 billion this year, compounding a 23 percent decline in 2015, according to Barclays Plc.

“Iran may test the boundaries of the agreement”. “Iran’s belligerent actions have thus far gone unpunished”, said the letter, written by Sen.