Young Journalists Club | Latest news of Iran and world

News ID: 5900
Iran » Iran
Publish Date: 16:55 - 31 December 2014
Tehran, YJC. Iran is in receipt of another installation of its frozen oil revenues which was arranged under an interim nuclear deal with the P5+1 group.

The interim deal allows the partial release of the frozen Iranian assets.

The Iranian Central Bank on Wednesday announced that a total of $490 million has been transferred to an Iranian account in Oman from South Korea.

According to a report by the Islamic Republic News Agency, the move came following the latest agreement between Iran and the 5 permanent members of the UN Security Council- the US, China, Britain, Russia, France - plus Germany, whereby to release by July 2015another $4.9 million of Iranian assets held in foreign banks.

Iran and the six countries called P5+1 failed to reach a final agreement on the former’s nuclear program by a self-imposed November 24 deadline despite progress politicians from the involved parties claimed to have made.

However, the 2 sides consented to an extension to their discussions for 7 more months until July 1, 2015. The parties also agreed that the interim deal they had signed in Geneva in November 2013 remain in place during the negotiations extension.

Under the interim agreement, Tehran received billions of dollars of its frozen oil income in several installments and in return is required to limit certain aspects of its nuclear program.

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