KATHMANDU — International sanctions on Iran were lifted Saturday after the United Nations atomic office announced Tehran had fulfilled its commitment to scale back its nuclear program.
The International Atomic Energy Agency verified Saturday that Iran was in full compliance, triggering the removal of the harsh sanctions imposed by the United Nations, United States and European Union.
With the U.S. lifting sanctions against Iran, Washington will now allow foreign subsidiaries of American companies to trade with Iran, the Treasury Department said, according to Reuters.
Authorities have also lifted sanctions on non-American purchases of Iranian oil and sales involving Iran’ s energy sector, the news agency reported.
The sanctions have cut off a nation of nearly 80 million people from the global financial system, drastically reduced the exports of a major oil producer and imposed severe economic hardship on ordinary Iranians. Most will be lifted immediately.