Iran, EU announce implementation of nuclear deal as sanctions lifted

Iranian Foreign Minister Mohammad Javad Zarif attends a press conference in Vienna, Austria, Jan 16, 2016. [Photo/Xinhua]

Iranian media reported students in the country are ready to celebrate the implementation day.

Lifting sanctions would unfreeze a huge amount of assets, around tens of billions of dollars, and allow Iranian oil to be sold internationally. Tehran would be able to get access to the international financial system, after being isolated for years.

International firms are also eager to invest in Iran upon the deal is implemented. Tehran is reportedly to buy over 100 planes from Airbus after being back to the international market.

Tehran said it could significantly increase its oil output as soon as the sanctions are lifted.