Hassan Rouhani
Iranian President Hassan Rouhani has warned that Tehran will only sign a final nuclear deal if all economic sanctions are lifted the same day.Getty Images

Iran and six world powers have signed a historic agreement to curb the Islamic Republic's nuclear program in exchange for ending crippling international sanctions.

The EU head of foreign policy Federica Mogherini called Iran's 159-page nuclear accord "not just a deal, but a good deal, and a good deal for all sides". Iranian foreign minister Mohammad Javad Zarif said the deal was a "win-win" solution to an "unnecessary crisis".

US Congress has 60 days to review the document which will probably meet opposition from lawmakers across the political spectrum. The deal will be fully implemented should Iran meet its obligations to curb the nuclear program by 15 December. Upon verification by inspectors from the International Atomic Energy Agency (IAEA), Iran will boost energy exports and get back into the global financial system.

World powers will convene with Iran every two years to review the progress of the accord implementation.

But what are the consequences and measures to be phased in after December? A full text of the accord has been published by the Russian government on the Ministry of Foreign Affairs website, and by the semi-official Fars news agency:

Under the deal, the US arms embargo will stay in place while the UN ban on imports and exports of conventional weapons by Iran will end in five years time. The UN embargo on ballistic missiles will hold for eight years.

iran missiles
Iranian opposition supporters chant slogans behind a mockup of a nuclear missile during a protest against the Iranian regime outside a meeting of European Union foreign ministers in BrusselsReuters

End of US trade embargo means that Iran will be able to buy Boeing and Airbus planes while the US could import renowned Iranian carpets and food like pistachios and caviar. US subsidiaries of foreign companies will also be allowed to trade with Iran.

Persian carpets
Persian carpets are pictured in the showroom of an Iranian seller in the famous historical district "Speicherstadt" (warehouse depot) in HamburgReuters

Lifting of US ban on Iranian citizens to accede higher education coursework related to careers in nuclear science, nuclear engineering or the energy sector.

iran students
Iranian students form a human chain around the Uranium Conversion Facility (UCF) to show their support for Iran's nuclear program in IsfahanReuters

US will provide bank notes to Iran, allow purchase of Iranian bonds, and Iran will gain access to Swift, the body that handles global banking transactions.

Ayatollah Ruhollah Khomein
The front of the Iranian 100,000 Rials (about $10) bank note, bearing a picture of Iran's late leader Ayatollah Ruhollah KhomeinReuters

The EU will end all sanctions on Iran related to banking, insurance, gold, financial services, trade and bonds.

iran currency
A customer buys Iranian gold coins at a currency exchange office in TehranReuters

Iran will get access to more than $100bn in frozen assets when the agreement is implemented.

iran nuclear deal
An Iranian woman adjusts her scarf as she walks past the window of a Benetton store in northern TehranReuters

Iran's once reclusive and now omnipresent general Qasem Soleimani, head of the Iranian Revolutionary Guards' elite Quds Force, is reportedly on the list of individuals and entities for whom sanctions will be lifted. The entire Iranian Air Force and Quds Force unit are also off the sanctions list.

Iran nuclear deal explained in 60 secondsIBTimes UK