Iran gets $1bn under extended nuclear deal

September 05, 2014 - 1:58:16 am

DUBAI: Iran’s central bank has received $1bn of previously frozen oil revenue from Japan under the terms of an extended nuclear agreement with six world powers, state news agency IRNA reported yesterday.

Iran and the US, China, France, Germany, Britain and Russia agreed in July to extend a six-month interim deal until November 24 after they failed to meet a July 20 deadline for a long-term deal to end their dispute.

In return for continuing action to curb its nuclear programme, Iran would receive $2.8bn during the four-month extension of its funds in foreign banks, in addition to $4.2bn paid during January-July. US officials say more than $100bn of Iran’s funds are held abroad and difficult to access because of tightening sanctions on the major oil producer in recent years.

The UN nuclear agency had confirmed on August 20 that Iran was moving to meet the requirements of the extended deal, paving the way for some of the money to be released. IRNA said Japan’s central bank deposited the funds in two instalments at the Iranian central bank’s account in Oman.