US explains nuclear deal with Iran

Posted: January 16, 2014 in Current Affairs, World Affairs
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WASHINGTON: Iran will receive $4.2 billion from blocked overseas funds and about $7 billion of benefits from sanctions relief for concluding an interim nuclear deal with the P5+1 countries, US officials said on Monday.The first instalment of $550 million will be released on Feb 1 and the rest will in six instalments. 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 P5+1 countries — the United Kingdom, France, Germany, Russia, and China — concluded an agreement which requires Iran to start eliminating its uranium stockpile from Jan 20 and complete the process in six months.In return, the P5+1 nations 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.On Sunday, US President Barack Obama described the agreement as an “important step forward”, which could lead to “a comprehensive resolution that addresses our concerns over Iran’s nuclear programme”.President Obama also criticised a bipartisan move in the US Congress to tighten sanctions on Iran and promised to veto all such moves.

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