SHANA– Iran could generate 40 billion dollars by selling crude oil in the current Iranian calendar year which began on March 21, a senior diplomat said.

Iran's deputy foreign minister Abbas Araghchi said the country could generate the revenue thanks to implementation of the Joint Comprehensive Plan of Action (JCPOA) back in January 2016.

He said the landmark deal has fully done its work in removing US-led nuclear sanctions on Tehran, IRNA reported.

Iran and the P5+1 group of countries struck a historic deal on Tehran's nuclear program back in 2015 which came into force on January 16 2016.

"Today, Iran can sell its oil and petrochemicals and interact with the world; banking restrictions have been eased; planes can be purchased and we are experiencing such political stability that over 70% of the eligible voters participate in elections; these are facts that have infuriated the US which tries to hinder the deal at whatever price it can," said the diplomat.