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EU High Representative Federica Mogherini has announced that Iran’s nuclear related sanctions are lifted.

Today, we have reached Implementation Day of the Joint Comprehensive Plan of Action, Mogherini said in a joint press conference with Iranian Foreign Minister Mohammad Javad Zarif in Vienna.

The top diplomats are reading the text of the joint statement announcing the implementation of the nuclear deal and the removal of sanctions against Iran, Iran's state run TV IRINN reported.

According to the statement EU has confirmed that legal framework providing for lifting of its nuclear-related economic and financial sanctions is effective.

Iran and the P5+1 group of countries in July 2015 agreed a landmark nuclear deal to curb Tehran’s sensitive nuclear activities in return for the lifting of international sanctions on the Islamic Republic.

On the "implementation day" the International Atomic Energy Agency (IAEA) verified that Iran has met all terms and commitments under the Joint Comprehensive Plan of Action (JCPOA aka nuclear deal).

Now by the lifted sanctions Tehran will resume exporting oil and its banking system will be reconnected to the Society for Worldwide Interbank Financial Telecommunication (SWIFT).

Since March 2012, as part of measures taken in a bid to intensify the sanctions on Tehran due to its nuclear program, Iran’s banking system has been deprived from access to the SWIFT, which has had a catastrophic impact on Iran’s economy.

Another advantage for Iran will be access to more than $100bn in assets frozen overseas.

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