Source: Three European Banks Assigned to Transfer $ 14 Billion Unfrozen Assets to Iran.

Source: Three European Banks Assigned to Transfer $ 14 Billion Unfrozen Assets to Iran.(Fars).

Three European banks have been commissioned to remit Iran’s unfrozen assets, informed sources said after Tehran and the six world powers started enforcing the first step of the interim nuclear deal they had struck in Geneva in November.

An informed source, speaking on the condition of anonymity, pointed to the January 20 as the day for the implementation of the Geneva deal and remittance of $4.2 billion of Iran’s frozen assets, and said, “The Societe Generale, Standard Chartered and one other bank are in charge of transferring these amounts.”

Last month, Iranian Deputy Foreign Minister for Legal and International Affairs Seyed Abbas Araqchi said after the implementation of the recently inked nuclear deal between Tehran and the six major world powers, the country will access approximately $15bln in oil revenues.

He added that of the $15bln nearly $10bln, which was previously used to purchase foodstuff and medication, will be accessible with the implementation of the agreement.

According to Araqchi, another $4.2bln, which will be deposited into the Central Bank of Iran, will be accessible too.

Last week, a source from the EU said that the Union would begin lifting sanctions against Iran on Monday, January 20, the minute it receives the word that Tehran has begun implementing the nuclear deal.
The EU foreign ministers would announce the move in Brussels as soon as inspectors from the UN’s nuclear watchdog, the IAEA, confirm that the agreement started to be carried out.

Earlier today Tehran started implementing the first step of its interim nuclear agreement with the six major world powers, and halted its 20-percent uranium enrichment. Later in the day, a confidential report by the International Atomic Energy Agency (IAEA) endorsed Tehran’s voluntary suspension of higher grade enrichment, paving the way for the easing of some western sanctions against Tehran.

The report by the IAEA also said Iran had begun diluting its stockpile of uranium enriched to concentration of 20 percent.

The IAEA added that Iran was also continuing to convert some of this reserve into oxide for producing reactor fuel.

The IAEA will play a pivotal role in checking Iran lives up to its part of the interim agreement by curbing uranium enrichment in exchange for some relaxation of sanctions against Tehran.

The IAEA report to member states said, “The Agency confirms that, as of 20 January 2014, Iran … has ceased enriching uranium above 5 percent U-235 at the two cascades at the Pilot Fuel Enrichment Plant (PFEP) and four cascades at the Frodo Fuel Enrichment Plant (FFEP) previously used for this purpose.”

It was referring to Iran’s two enrichment plants, at Natanz and Frodo.


Cascades are interlinked networks of centrifuge machines that refine uranium. The IAEA report also said Iran was, as of January 20, not “conducting any further advances” to its activities at the Arak heavy water research reactor.