The World Bank said on Monday that the lift-off of sanctions on Iran will lower oil prices by €10 per barrel next year. The lift-off will also have an impact on Iran's economic growth and on Iran's trading partners like India, China and the U.K.

Iran's economy is expected to expand 5% in 2015, up from a 3% growth this year.

"Just as the tightening of sanctions in 2012 led to a sharp decline in Iran's oil exports and two years of negative growth, we expect the removal of sanctions to boost exports and revive the economy," World Bank Chief Economist for the Middle East and North Africa region, Shanta Devarajan, said.