The historic nuclear deal between Iran and world powers includes provisions for the snap back of sanctions within 65 days if Tehran violates the agreement, according to reports coming from Vienna where the negotiations have been held.
The conventional arms embargo against Iran, which the Iranian leadership was pushing to remove, will last for another five years, while restrictions on ballistic missile technology will last eight more years, Reuters reported.
These two terms in the agreement appears to be two major concessions by Iranian negotiators, with the Islamic Republics leadership having previously ruled out any provisions on the snap back of sanctions.
Iran and the P5+1 world powers are expected to announce the signing of a comprehensive nuclear agreement later today on 14 July, according to reports coming out of the talks in Vienna.
The two sides extended the deadline several times from 30 June as foreign ministers attempted to overcome several sticking points following the framework agreement on 2 April.
A public announcement been scheduled for later in the morning in the Austrian capital where officials are expected to announce the terms of the agreement, which will see Iran limit its nuclear programme in exchange for relief from international economic sanctions.
Contentious issues included the level of access UN inspectors would have to Iranian military sites and the timeline of sanctions removal, which Tehran had insisted must happen immediately after the deal.
A plenary meeting between Iran and the P5+1 the US, France Germany, the UK, China and Russia is schedule to take place at 10:30am local time followed by a press conference.
The end of sanctions could drive significant overseas investment in the countrys ailing oil and gas industry. Iran has announced plans to tender 17 oil and gas blocks to international oil companies (IOCs), but there is little interest while sanctions remain in place.