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U.S. returns $450 million frozen funds of Iran

21 April 2014 08:43 (UTC+04:00)
U.S. returns $450 million frozen funds of Iran

By Sara Rajabova

The United States has agreed to release a $450 million installment of frozen Iranian funds.

The US State Department made the announcement on April 17, following a report from the International Atomic Energy Agency (IAEA) verifying that Iran was complying with the terms of the pact, Press TV reported.

In its monthly report released on April 17, the IAEA said Tehran has diluted half of its uranium earlier enriched to the 20-percent purity to a lower grade to power reactors.

State Department Deputy Spokeswoman Marie Harf said, "All sides have kept the commitments made" under the agreement.

She said further as Iran remains in line with its commitments, the US, France, Germany, Britain, China, Russia and the European Union will continue to uphold their commitments as well.

Harf noted based on this confirmation and consistent with commitments that the United States made under the Joint Plan of Action in last November in Geneva, the Department of Treasury took the necessary steps pursuant to the JPOA to facilitate the release of a $450 million installment of Iran's frozen funds.

Under the Joint Plan of Action, the six powers agreed to provide Iran with some sanctions relief in exchange for Tehran agreeing to limit certain aspects of its nuclear activities during a six-month period.

Also, Iran has received the fifth tranche of its $ 4.2-billion in frozen assets as agreed upon in the Geneva.

Iran's Vice President for Planning and Strategic Supervision Mohammad Baqer Nobakht said on April 14 that the $ 4.2 billion dollars were returned to Iran in five tranches.

He said 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.

Iran and the six powers are scheduled to resume expert-level talks on Tehran's nuclear energy program in New York on May 5.

The negotiations will be held ahead of a fresh round of high-level nuclear talks between Iran and the P5+1 group, scheduled to begin in the Austrian capital, Vienna, on May 13.

Tehran and the six countries wrapped up their latest round of high-level nuclear talks in Vienna on April 9.

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