Iran to get 2nd tranche of payment under nuclear deal

(Reuters) – Iran will soon receive a second installment of previously frozen assets which are being returned to it under an interim nuclear agreement with world powers, the official IRNA news agency quoted its central bank chief as saying.

The official, Valiollah Seif, said on Wednesday that the new funds would be transferred to Iran’s account “in the next three days”, but did not state the amount.

Under a Nov. 24 accord reached in Geneva, Iran is to scale back its nuclear activities for six months in exchange for sanctions relief from six major powers: Britain, China, France, Germany, Russia and the United States.

Iran agreed to suspend enrichment of uranium to 20 percent fissile concentration – a relatively short technical step away from the level required for nuclear bombs – and is taking action to neutralise its holding of the material.

In return, it is gradually winning back access to $4.2 billion of its oil revenues frozen abroad, along with some other sanctions relief.

The funds will be paid out in eight transfers on a schedule that started with a $550 million payment by Japan on Feb. 1.