Iran receives fifth installment of frozen assets

Iran has received the fifth installment of its USD 4.2-billion in frozen assets as agreed upon in the interim nuclear deal between Tehran and the six world powers, Vice President for Planning and Strategic Supervision Mohammad Baqer Nobakht announced. "The administrative process for returning Iran's frozen assets and fulfilling the interim nuclear deal's obligations was lengthy, but Iran has finally received the funds in full and can use them in development projects," Nobakht said. He noted that the USD 4.2 billion was returned to Iran in five tranches. Iran and the Group 5+1 (the five permanent UN Security Council members plus Germany) clinched a long-sought deal in November in the Swiss city of Geneva. The two sides have agreed to stage-by-stage implementation of the interim agreement reciprocating one another since January 20. The accord requires the West to ease some of the existing sanctions in exchange for Tehran’s confidence-building measure not to develop the national nuclear program for a six-month period. The frozen Iranian assets will be released in eight states, as agreed, and Tehran will dilute its 20% enriched uranium within the next 12 months.