Iran sanctions may be lifted as soon as Monday

International sanctions imposed on Iran by the UK, US, and European as a result of its nuclear programme may be lifted by next Monday, Bloomberg reported, citing the country’s deputy foreign minister, Abbas Araghchi.

That would follow an announcement, possibly as soon as tomorrow, from the International Atomic Energy Agency, that Tehran has fulfilled its commitments.

Iran would regain access to as much as $50bn in cash which had been frozen in overseas accounts and to international markets to sell its crude.

By some estimates, its crude oil exports might rise by 500,000 barrels a day in a matter of weeks.

Sanctions implemented on account of Tehran’s support of terrorism and its ballistic missile programme, on the other hand, were set to remain in place.