Iran has $100 bln abroad, can draw $4.2 bln

The implementation of Iran nuclear agreement to start on Monday. The country will be able to draw $4.2 billion under the agreement.

Iran has $100 bln abroad, can draw $4.2 bln

World Bulletin / News Desk

Iran has about $100 billion in foreign exchange assets around the world, of which it will be able to draw $4.2 billion under last year's nuclear agreement with six world powers, a senior U.S. administration official said on Friday.

The official, who spoke on condition of anonymity, said the money and assets were held in various countries and that a significant proportion was Iran's oil revenue. Financial and other sanctions have meant that Tehran has not had free access to spend it.

Under the Nov. 24, six-month accord between Iran and the major powers, Tehran will receive limited sanctions relief, which the U.S. estimates to be worth about $7 billion, in return for curbing its disputed nuclear programme.

Of this amount, $4.2 billion is in the form of access to currently blocked Iranian revenue held abroad.

The U.S. official said Iran would identify from where it wants to take the funds and that the Western authorities would facilitate their transfer in a series of instalments during the next half year, depending on the Islamic Republic carrying out its part of the deal.

The interim accord - meant to buy time for negotiations on a final settlement of the decade-old nuclear dispute - also pauses Western efforts to further cut Iran's oil exports, which Washington says have plunged by around 60 percent to 1 million barrels per day since early 2012.

The U.S. official made clear that the volume would not increase if the oil price were to fall during the six-month agreement, the implementation of which is due to start on Monday.

Japan, South Korea, China, India, Taiwan, and Turkey are still importing Iranian oil.

Güncelleme Tarihi: 17 Ocak 2014, 15:16