"Iran will not get its hands on a nuclear bomb. The region, the United States and the world will be more secure," President Obama said Sunday.
Nuclear-related sanctions against Iran have been lifted, and the country no longer has the ability to build a nuclear weapon.
President Obama gave an address from the White House after international nuclear watchdog group IAEA concluded Iran complied with limiting its nuclear program.
U.S. Secretary of State John Kerry and Iranian Foreign Minister Javad Zarif met in Vienna to finalize the details.
Sanctions have affected Iran's economy. By lifting them, Iran's shipping, financial, precious metals and, perhaps most importantly, energy sectors will all be open.
Lifting financial sanctions will also unfreeze tens of billions of dollars worth of Iranian assets — something opponents of the deal have been critical of.
Not all of the sanctions have been lifted, though. The U.S. imposed new sanctions on the country's missiles Sunday, and other weapons sanctions will remain in place for at least eight more years.