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                                        Volume. 11916

U.S. Treasury confirms $550m transfer to Iran
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c_330_235_16777215_0_http___172.19.100.100_images_stories_famous_02_am32.jpgTEHRAN – The U.S. Treasury Department on Monday confirmed that $550 million in Iran’s frozen oil revenues have been transferred to the country under an interim nuclear deal, according to Reuters. 
 
A U.S. Treasury spokeswoman said the transfer began Jan. 31 and would be complete early this week but declined to specify which foreign banks were involved.
 
No U.S. banks were involved in the transactions, but the United States, which has extensive sanctions on Iran tied to its nuclear program, helped facilitate the transfer of funds, the spokeswoman said.
 
The money is the first installment of $4.2 billion in blocked oil funds that were to be made available to Iran under the Geneva nuclear deal. 
 
Iran and the 5+1 group (the five permanent members of the UN Security Council plus Germany) signed an interim agreement over Tehran’s nuclear program in Geneva on November 24, 2013, according to which Iran agreed not to expand its nuclear program and to suspend its 20 percent uranium enrichment in return for a limited easing of the sanctions imposed on the country.   
 
The agreement also stated that over the course of six months, Iran and the six countries of the 5+1 group will draw up a comprehensive nuclear deal which will lead to a lifting of the sanctions on Iran and Iran will provide the world verifiable guarantees that its nuclear program is totally peaceful.
 
The six-month interim agreement came into force on January 20.
 
Iran and the six major powers will begin talks in Vienna on February 18 to finalize a comprehensive nuclear deal.  
 
AM/PA

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