Iran receives more of its frozen funds

Based on the Geneva agreement reached last November between Iran and the P5+1 group, which includes the US, Russia, China, UK and France, plus Germany, the Iranian Central Bank received on Tuesday the seventh payment of funds that had previously been frozen by the US, Iran’s Fars news agency reported.

The Geneva agreement involves lifting some of the international sanctions that have been imposed on Iran and gradually releasing frozen funds amounting to $4.2 billion. It was agreed that Iran would receive the funds through eight payments.

The release of the funds comes several months after the IAEA confirmed Tehran’s commitment to the parallel conditions of the Geneva agreement – to decrease Iran’s stockpile of depleted uranium to 20 per cent and to produce uranium refined up to only 5 per cent.

Iran had faced sanctions on money transactions for four years before the agreement was reached, and was thus unable to receive payment for its exports in US dollars. Most of the funds were frozen in US banks, and some accounts had been frozen for three decades.

In Vienna, the sixth round of talks between Iran and the P5+1 group is currently underway. This round of talks is supposed to be the last and is aimed at negotiating a permanent agreement.

Differences between the two sides still exist. UK Foreign Secretary William Hague said that the distance between both sides is wide. Reuters news agency quoted him as saying that: “Achieving an agreement is far from certain. Significant differences remain … which are yet to be bridged.”

However, Hague still expressed optimism over the negotiations, adding that, “But I am convinced that the current negotiations are the best opportunity we have had in years to resolve this issue.”

Ali Akbar Salehi, head of Iran’s Atomic Energy Organisation, also remained optimistic, despite the continued difficulties facing the talks, and said they should be able to reach a solution very soon.