Iran nuclear deal

Eurasia News

WASHINGTON: The US officials have said that under the nuclear deal reached in November 24 between Iran and the six major world powers, the Islamic Republic will receive $4.2 billion from blocked overseas funds and about $7 billion of benefits from sanctions relief.

The officials said that the first installment of $550 million will be released on February 1 and the rest will be in six installments. The entire fund, blocked in the West due to a nuclear dispute with the West, will be transferred to Iran by July this year.

The sanctions relief will also bring $7 billion of benefits to Iran, over the next six months.

On Sunday, Iran and the six major world powers including, the United States, the United Kingdom, France, Germany, Russia, and China concluded an agreement which requires Iran to start eliminating its uranium stockpile from January 20 and complete the process in six months.

In return, the six major world powers will begin to implement modest relief so long as Iran fulfilled its obligations and the two sides pursued a comprehensive solution to Iran’s nuclear programme.

Under the agreement, Iran will halt the progress of its nuclear programme and roll it back in key respects and in the next six month, the two sides will negotiate a comprehensive resolution to this issue.

On January 20, the International Atomic Energy Agency (IAEA) will report on the current status of Iran’s nuclear programme.

From January 20, Iran will stop installing or feeding additional centrifuges and will halt over 5 per cent enrichment. Iran will also stop production of the 20 per cent enriched uranium and to disconnect the cascades which have been connected together in tandem to efficiently produce 20 per cent enriched uranium.

On the first day, Iran will also start to dilute half of the 20 per cent enriched uranium that it now has in gaseous UF6 form, and would continue convert the rest of its UF6 to oxide. This will end further enrichment.

On January 20, Iran will also provide to the IAEA all the information it needs to monitor Iranian nuclear facilities, include those kept out of the agency’s reach so far. This will include the centrifuge assembly workshops and centrifuge rotor production workshops.

The IAEA will be responsible for verifying and confirming all of the nuclear-related measures consistent with its broader safeguards verification role.

In addition, the six major world powers and Iran will be setting up a joint commission that will work with the IAEA to monitor implementation of the Joint Plan of Action and to facilitate resolution of past and present concerns about Iran’s nuclear programme.

The agreement also requires the United States to refrain from imposing new nuclear-related sanctions.