Sanctions against Iran were lifted on January 16, 2016, also known as the Implementation Day of the nuclear deal. The EU, US and several other countries removed their ban on the import, purchase and transport of Iranian crude oil and natural gas, as well as the insuring of Iranian oil shipments. As a result, Iran's oil production has increased by 14% since December 2015.

The World Bank said the lifting of sanctions and a more business-oriented environment will likely boost Iran's GDP growth to above 4 percent in 2016 and 2017. The end of the sanctions will also increase oil production, reduce international transaction costs, bring in foreign direct investment and assets that were earlier frozen by the sanctions.

Iran is being given gradual access to some $100 billion of frozen assets. The US Treasury said Iran will be able to bring back $50 billion of foreign reserves. However, three months after the lifting of the sanctions, US Secretary of State John Kerry said in April that Iran has reaped just $3 billion from the frozen assets so far.

Before the deal, the US and EU banned any transactions with Iranian banks. The EU lifted the ban in January but other US sanctions such as those related to Iran's missile program, alleged sponsorship of terrorism and human rights abuse, remain. Hence, many Europeans banks still refuse to finance major deals between European businesses and the Iranians due to fears that they will violate the US sanctions and jeopardize their operations in the US.

Generally, US nationals and companies are still barred from trading with Iran except in several industries. The import of Iranian pistachios, caviar or carpets are allowed. US companies are also allowed to sell commercial aircraft and parts to Iran.

For the next 25 years, the International Atomic Energy Agency (IAEA) will be tracking every bit of uranium from the mine to where it is eventually stored as waste. Its inspectors are allowed to access any site in Iran they deem suspicious within 24 days for the next 15 years. There is also a 'snap-back' clause in the agreement which states that sanctions would be imposed automatically without the need to go through the United Nations Security Council if Iran violated the deal.