The phased lifting of the arms embargo on Iran that will accompany Tuesday’s nuclear deal will be a boon to arms dealers and industrial exporters across the world.

Under the broader sanctions programme, offensive weapons and a whole range of kit – some obvious like military aircraft but some much more general such as types of computer software – were banned from sale to Tehran.

Russia and China are likely to be the two big beneficiaries as Iran looks to modernise its air force, which is particularly antiquated, and sharpen its already highly developed domestic missile production system. […]