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A draft agreement on Iran's nuclear dossier with European proposals calls for lifting sanctions on 17 Iranian banks and 150 companies as soon as the document is signed, knowledgeable sources told Al Jazeera TV on Friday.

The European proposal to revive the nuclear deal includes four stages, each for 60 days. On the first day after the agreement is signed, sanctions will be lifted on 17 Iranian banks and 150 companies, the sources said.

In addition, the sources said, the draft agreement with Iran includes a condition that South Korea return seven billion dollars to Iran.

In addition, from the first day of implementation of the agreement after its signing, Tehran will begin to gradually abandon the implementation of its nuclear program.

Within 120 days of signing the agreement, Iran will export 50 million barrels of oil under the verification mechanism, the sources added.

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