Iran gets first tranche of frozen assets of $4.2b

Iran gets first tranche of frozen assets of $4.2b
Mon Feb 3, 2014 19:43:12

A first tranche of $550 million in sanctions relief agreed under an interim nuclear deal has been paid into an Iranian Central Bank account in Switzerland, the official IRNA news agency said on Monday.

Quoting an informed source, the agency reported: "$550 million in frozen Iranian assets (were) transferred to Iran's Central Bank account in Switzerland.

The agency said the money was a first instalment of $4.2 billion in blocked Iranian oil revenue that is to be made available to Iran under the Nov. 24 deal.

That agreement is designed to crtail Iran's nuclear activities for a six-month period beginning on Jan. 20 in exchange for sanctions relief from six major powers: Britain, China, France, Germany, Russia and the United States.

Under the accord, Iran agreed to curb its nuclear activity - higher-level uranium enrichment - in return for some relief from Western sanctions.

The agreement aims to give the two sides six months to reach a comprehensive deal to address all pending questions used as a pretext to impose the US-led illegal sanctions against Iran.

Among the total sanctions relief over the six months, $4.2 billion is in the form of access to currently blocked Iranian revenues held abroad.

In January a U.S. official said access to some of those funds depended on Iran keeping its commitment to dilute half of its 20 percent enriched uranium to no more than 5 percent enriched uranium.


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