Sanctions placed on Iran have been lifted as the nuclear deal came into effect last Saturday. The sanctions were in place due to Iran’s undisclosed nuclear activities and related to a trading ban on trading weapons and nuclear based technology, asset freezes, bans on precious metals, banking transactions, as well as bank on crude oil exports and many more.
Following confirmation from the UN atomic agency that Iran has met the nuclear deal conditions, the EU and the US lifted sanctions in a historic nuclear deal which puts considerable restrictions on Iran’s nuclear activity.
The sanctions lift already had a considerable impact on global markets, particularly evident in the price of crude oil, which sees it’s 2003 levels as the oversupplied market becomes even more saturated. Iran regains access to billions in frozen assets as well as access to crude oil exports, a restriction that has cost billions in oil revenue to the country.