US releases $8bln of Iran’s blocked assets

The US released some $8bln of Iran’s frozen assets this morning, former head of Iran’s Chamber of Commerce Alinaqi Khamoushi announced on Sunday. Khamoushi said the nuclear agreement reached between Iran and the Group 5+1 (the five permanent UN Security Council members plus Germany) in Geneva this morning, is an opening up of Iran’s economic relations with the world countries. “The agreement will open a new path towards Iran,” Khamoushi added, the Islamic republic news agency reported. Resolving Iran’s nuclear dispute with the West would “gradually help promote Iran’s trade relations with the European states and even with the US.” He hoped that the process would continue in the future. “If the confidence-building measures properly progress by both sides, then it would also help promote Iran’s ties with the US,” he added. Iran and the Group 5+1 (the five permanent UN Security Council members plus Germany) reached a final agreement, which includes recognition of Tehran’s right of uranium enrichment and removal and easing of the sanctions. Iran and the Group signed a four-page agreement after five days of difficult and intensive negotiations and more than a decade-long nuclear standoff. One of the pages of the agreement signed in Geneva deals with the easing and removal of the US-led western sanctions imposed against Iran. According to the deal, no further sanctions will be imposed against Iran. Oil embargos on the country will be halted. Iran’s crude sales will be maintained at the current level and Iran’s oil revenues will also be released. Sanctions on Iran’s petrochemical sector will be completely removed and the sanctions on the country’s auto industry will also be lifted. Sanctions on exports of gold and precious stones and metals, as well as the ban on the insurance of oil cargos will be fully lifted. Iran’s right to enrichment has been recognized in two places of the document. According to the agreement, the structure of Iran’s nuclear program will be fully preserved. There is no turning back in Iran's uranium enrichment activities. Fordo and Natanz (nuclear sites) will also continue operation. In return, Iran will reciprocate with a series of confidence-building measures. Iran as a confidence-building measure will not further expand its activities in Arak, Natanz and Fordo in the next six months, but (uranium) enrichment below five percent and production of the relevant enriched material in Fordo and Natanz will continue as before. Iran will also continue its research and development in its nuclear program. According to the agreement, the 20 percent enrichment will not continue in the next six months since Iran does not need any more 20-percent enriched fuel for its Tehran research reactor. All the enriched uranium will remain inside Iran and no material will be taken out from the country.