Iranian Foreign Minister Javad Zarif, who was in Vienna on Saturday, announced that sanctions that have been imposed on the country for over three decades, will be lifted.
The International Atomic Energy Agency had carried out inspections at nuclear sites in Iran over the recent weeks, to check if Iran had complied with the Joint Comprehensive Plan of Action that was reached last July. The UN nuclear watchdog was to issue its final report in Vienna on Saturday.
"All oppressive sanctions imposed against the Islamic Republic will be annulled today," Zarif said, according to Press TV.
" This is a very good day for the Iranian people and for the region," the minister said.
Under the Iran nuclear deal, Iran agreed to scale down its nuclear activities in return for lifting of economic sanctions that will open channels for the country's oil to reach world markets.
Iran had agreed to limit its enriched uranium stockpile and phase out centrifuges from the current stockpile of 19,000 to 6,000 in 10 years.
Earlier this week, Iran claimed that it had removed the core of its Arak nuclear reactor, thus, cutting the country's ability to yield nuclear bomb-grade plutonium.
Last month, Iran had shipped most of its low-enriched uranium to Russia.
Iranian President Hassan Rouhani is expected to address the nation through the state television on Saturday.