The United Nations Security Council received on Saturday a report by the U.N. nuclear watchdog confirming Iran fulfilled commitments under a nuclear deal with world powers, triggering an automatic end to most U.N. sanctions, diplomats said.
The receipt of the International Atomic Energy Agency (IAEA) report by the 15-member council terminates seven previous U.N. resolutions, which are now replaced by a resolution adopted on July 20 that carries over some U.N. restrictions.
Iranian President Hassan Rouhani congratulated the Iranian nation after implementation of a nuclear deal between Tehran and the six major powers aimed at curbing Iran's nuclear programme in return for sanctions being lifted.
"Thank God for this blessing and bow to the greatness of the patient nation of Iran. Congrats on this glorious victory," Rouhani tweeted.
Iran emerged from years of economic isolation on Saturday when the U.N. nuclear watchdog ruled that it had curbed its nuclear programme as promised, clearing the way for the sanctions to be lifted.
Australia will soon lift economic sanctions against Iran after it met its commitments under a nuclear deal, Foreign Minister Julie Bishop says.
She was commenting on Sunday after the International Atomic Energy Agency confirmed that Tehran has scaled down its nuclear program.
Ms Bishop says it's expected that sanctions will be lifted after the United Nations Security Council has received the IAEA report in coming days.
"The Australian government will then move to lift relevant UN and certain autonomous sanctions, including economic sanctions," she said in a statement.
"The easing of these sanctions will ensure that Australian business is not disadvantaged in pursuing opportunities in Iran."
Australia would continue to enforce sanctions on military exports for five years and maintain restrictions on ballistic missile-related materiel for eight years, she said.
The European Union on Saturday started the process of lifting sanctions on Iran after the bloc's foreign policy service took note of an IAEA report.
The EU procedure for lifting sanctions should be rapid. An official decision of the European Council, which brings together leaders of 28 EU members, is required to finalise the process, together with a publication in the EU's Official Journal.
US President Barack Obama signed an executive order on Saturday lifting sanctions on Iran related to its nuclear program after Tehran fulfilled requirements under a nuclear agreement with world powers, the White House said.
Obama determined that Iran's implementation of the pact "marks a fundamental shift in circumstances with respect to Iran's nuclear program," he wrote in the order, released by the White House.
The US Treasury Department said it would allow non-Americans to do business with Iran in a wide range of sectors.
Non-Americans are now allowed to trade with major Iranian government entities and sell goods and services including automobiles, steel, coal, gold and insurance, Treasury said.
Meanwhile, US Secretary of State John Kerry said on Saturday that American prisoners in Iran would be on their way home shortly after being released from custody by Iran under a prisoner deal.
"I am very happy to say, as we speak, we have received confirmation that five Americans that have been unjustly
detained in Iran have been released ... and they should be on their way home to their families before long," Kerry said in a statement at the end of nuclear talks.
