By Jonathan Tirone and Golnar Motevalli

(Bloomberg) — A decade of sanctions imposed on Iran’s nuclear program could come to an finish by Monday, unlocking billions of {dollars} in frozen accounts and paving the way in which for a surge in oil exports from the Islamic Republic.

The International Atomic Energy Agency is anticipated to report on Friday that Iran has fulfilled its commitments beneath July’s nuclear accord with world powers, Iran’s Deputy Foreign Minister Abbas Araghchi stated in Tehran. That would allow a joint announcement by Sunday implementing the deal and lifting sanctions, he stated.

Iran’s overseas ministry on Tuesday despatched its director of political and worldwide affairs, Hamid Baeedinejad, to Vienna, the place the IAEA relies.

The finish to nuclear-related sanctions will imply that the Iranian economic system is open for funds to flood in, with Iran set to get fast entry to as a lot as $50 billion of money frozen in abroad accounts, in response to U.S. Treasury estimates. Crude exports are anticipated to rise by half-a-million barrels a day inside weeks.

While Iran says it can want $100 billion to rebuild its power business and one other $29 billion for mining and metal, overseas buyers are anticipated to return solely step by step as they wait to ensure the nuclear deal holds. Diplomats left escape clauses if the accord is violated. Should the deal fail, sanctions could possibly be reimposed simply as Iran’s nuclear work might return to unchecked growth.

“Iran has granted the International Atomic Energy Agency unprecedented access to make sure it is doing all the things it said it would do in this deal,” U.Okay. Prime Minister David Cameron stated in Parliament in London on Wednesday. “We should enter into it with a very heavy heart, a very clear eye and a very hard head in making sure this country does everything it said it would.”

Friday could be the earliest date that IAEA inspectors might confirm Iran has eliminated nuclear tools and materials from atomic websites, two diplomats with direct information of the method stated earlier on Wednesday. The IAEA press workplace declined to remark.

The feedback in regards to the deal’s implementation got here solely hours after 10 U.S. sailors had been launched by Iranian authorities after their boats drifted into Iran’s territorial waters. Even as U.S. President Barack Obama on Tuesday evening praised the nuclear deal for averting a struggle with Iran, the Persian Gulf incident underscores lingering tensions within the relationship.

“The Americans cannot have trade relations with us, and so be it,” Araghchi stated, including that Iran understands that non- nuclear sanctions concentrating on terrorism and ballistic missile applications will stay in place. “Iran and U.S. relations will stay where they are — the intention of this deal hasn’t been about trust-building.”

It was exactly due to that lack of belief between Iran and 6 world powers — China, France, Germany, Russia, the U.Okay. and U.S. — that negotiations to achieve a deal took greater than two years. In the tip, Iran agreed to get rid of nearly all of its enriched uranium and dramatically cut back its nuclear capability. In trade, it can obtain sweeping sanctions aid that reconnects its banks to the worldwide monetary system and permits oil and fuel producers to spice up exports.

–With help from Thomas Penny.

©2016 Bloomberg News