Iran to get first $550 million of blocked $4.2 billion on February 1

(Reuters) – Iran would receive the first $550 million installment of a total of $4.2 billion in previously blocked overseas funds on or about February 1, a senior U.S. official said on Sunday.

Under a November 24 nuclear agreement, six major powers agreed to give Iran access to $4.2 billion in revenues blocked overseas if it carries out the deal, which offers sanctions relief in exchange for steps to curb the Iranian nuclear program.

Some payments are contingent on Iran diluting its stockpile of 20% enriched uranium to no more than 5% enriched uranium.

All going well, they would receive the final installment on July 20, 2014.