Iran Sanctions Lifted – secures first release of $550M

Cash for Iran

Cash for Iran

$550 million of $4.2 billion is being released under this action have Iran Sanctions lifted.  The deal was made by the White house, a senior U.S. official reported.  The installment should be received around Feb. 1, the official said, adding that all the installments would be completed in July, according to the payment schedule.

“The first tranche of $550 million was deposited in a Swiss bank account, and everything was done in accordance with the agreement,” Iran’s Deputy Foreign Minister Abbas Araqchi told ISNA news agency Saturday.

Unblocking the funds under the landmark deal in which Iran agreed to roll back parts of its nuclear program and halt further advances is expected to breathe new life into its crippled economy.

Also on Saturday, the official IRNA news agency quoted the head of the Iranian civil aviation authority, Alireza Jahanguirian, as saying that Iran will soon receive spare parts for its ailing civilian fleet.

Jahanguirian said the parts would arrive within two weeks as part of the sanctions relief agreed in Geneva in November.

But the November deal foresees an easing on sanctions imposed on several sectors, including Iran’s car industry and petrochemical exports, as well as allowing civil aviation access to long-denied spares.

Under a Nov. 24 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.

But some payments are dependent on Iran diluting its stockpile of 20 percent enriched uranium to no more than 5 percent enriched uranium.

U.S. President Barack Obama said he has “no illusions” on the difficulty of reaching a final agreement with Iran.

“I have no illusions about how hard it will be to achieve this objective, but for the sake of our national security and the peace and security of the world, now is the time to give diplomacy a chance to succeed,” Obama said.

He added that Washington would “continue to vigorously enforce the broader sanctions regime, and if Iran fails to meet its commitments we will move to increase our sanctions.”

But he warned: “Imposing additional sanctions now will only risk derailing our efforts to resolve this issue peacefully, and I will veto any legislation enacting new sanctions during the negotiation.

The United States and Israel have both refused to rule out the possibility of military action against Iran’s nuclear program if the matter cannot be resolved diplomatically.

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