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US to release $550M of Iranian blocked funds in February

Source: ISNA, Tehran

Iran will get a first installment around February 1 of USD 550 million of USD 4.2 billion being unblocked under a six-month landmark nuclear deal with the West, a US official said.

"The installment schedule starts on February 1 and the payments are evenly distributed" across 180 days, a senior US administration official told AFP.

"That means the installment payments are every 34 days, except the last payment happens on day 180, which is 33 days after the 5th installment payment," the official said in an email, asking not to be named. However, as February 1 is a Saturday, the first payment might not be made until February 3.

The money is being unblocked under a landmark deal, set to take effect starting January 20.

Tehran agreed in November to limit its nuclear work in exchange for the release of USD 4.2 billion in frozen assets and limited relief from sanctions.

There will be a second installment on March 7 of USD 550 million, followed by equal installments of USD 550 million monthly with the last due on July 20, although that again is a Saturday and therefore could take place on July 21.

In addition, a payment of USD 450 million is planned for March 1. A second similar payment of USD 450 million will be due on April 15.

Under this schedule, Iran will receive two injections of cash in both March and April.

... Payvand News - 01/13/14 ... --

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