Iran’s finance minister says the memorandum of understanding will lift oil sanctions, allowing the country to sell crude without restrictions and boosting foreign exchange earnings to help address the budget deficit and bring down the currency’s exchange rate, Al Jazeera reports.

Seyed Ali Madanizadeh has made the remarks to state news agency IRNA while adding that the accord would also facilitate non-oil exports and trade.

“With this agreement, oil sanctions have been lifted, and we can sell our oil without any restrictions and return the foreign exchange to the country,” Madanizadeh says, adding that the increased revenues would resolve a significant portion of concerns over the budget deficit.

Regarding previously blocked Iranian funds, the minister says they belong to the central bank and that their release will enable the bank to supply foreign currency to economic actors, which will have a “significant impact”.

The minister adds that government revenues had declined, citing two wars, a siege, and political pressure in January. He says the resulting price increases that Iranians have experienced are the consequence of those costs.