(Pool/AFP, Jason Reed)
AFP – Iran will get a first instalment around 1 February of $550m of $4.2bn being unblocked under a six-month landmark nuclear deal with the West, a US official said Sunday.
“The instalment schedule starts on Feb. 1 and the payments are evenly distributed” across 180 days, a senior US administration official told AFP.
“That means the instalment payments are every 34 days, except the last payment happens on day 180, which is 33 days after the fifth instalment payment,” the official said in an email, asking not to be named. However, as 1 February is a Saturday, the first payment might not be made until 3 February.
The money is being unblocked under a landmark deal, set to take effect starting 20 January, that curbs parts of Iran’s disputed nuclear program in exchange for sanctions relief.
Tehran agreed in November to roll back parts of its nuclear work and halt further advances in exchange for the release of $4.2bn in frozen assets and limited relief from sanctions that have choked its hard-hit economy.
There will be a second instalment on 7 March of $550m, followed by equal instalments of $550 million monthly with the last due on 20 July, although that again is a Saturday and therefore could take place on 21 July.
In addition, a payment of $450m is planned for 1 March in return for Iran diluting half its stock of 20% enriched uranium to no more than 5%.
A second similar payment of $450m will be due on 15 April if Tehran completes the dilution of all its stock of 20% enriched uranium.
Under this schedule, Iran will receive two injections of cash in both March and April if, as agreed, it waters down its 20% enriched uranium, ensuring it will no longer be weapons-grade material.
