Iran to get first $ 550 m of blocked $ 4.2 b on 1 February

Tuesday, 14 January 2014 00:02 -     - {{hitsCtrl.values.hits}}

Reuters: Iran will receive the first $550 million instalment of a total of $4.2 billion in previously blocked overseas funds on or about 1 February, a senior US official said on Sunday. Under a 24 November nuclear agreement, six major powers agreed to give Iran access to $ 4.2 billion in revenues blocked overseas if it carries out the deal, which offers sanctions relief in exchange for steps to curb the Iranian nuclear program. Some payments are contingent on Iran diluting its stockpile of 20% enriched uranium to no more than 5% enriched uranium. The US official, who spoke on condition of anonymity, described the payment schedule as follows: 1 February: $ 550 million (1 February is a Saturday, so this payment may need to happen on 3 February); 1 March: $450 million (payment for half of dilution); 7 March: $550 million; 10 April: $550 million; 15 April: $450 million (payment for completion of dilution); 14 May: $550 million; 17 June: $550 million; 20 July: $550 million (20 July is a Sunday, so this payment may need to happen on 21 July).