Iran to get access to its $4.2 bln frozen assets
22 January 2014, 00:32
Iran will get the access to its frozen funds in the nearest future as the US and EU began easing economic sanctions. Tehran will have an easier time trading in crude oil, gold and other high-value materials.
For starters, Iran will be able to access $4.2 billion in once-restricted funding, beginning with a $550 million installment on Feb. 1. The total value of the sanctions relief is estimated to be worth up to $7 billion.
Among the measures is a move to allow Iran to freely import and export gold and other precious metals. The six economies still buying oil from Iran also will pause efforts to reduce crude purchases.
Further, sanctions on the country's petrochemical exports will be suspended, as will sanctions on Iran's imports regarding automobile manufacturing.
As AP reports, a number of US lawmakers are concerned that the interim deal gives away too much, and are pushing, in the face of White House opposition, to pass new sanctions that would go into effect if Iran violates its terms of the agreement.
Meanwhile, the White House fiercely opposes any steps like this and pledged to veto the bill.
'These actions represent the first time in nearly a decade that Iran has verifiably enacted measures to halt progress on its nuclear program, and roll it back in key respects,' White House Press Secretary Jay Carney said in a statement. 'Iran has also begun to provide the IAEA with increased transparency into the Iranian nuclear program, through more frequent and intrusive inspections and the expanded provision of information to the IAEA. Taken together, these concrete actions represent an important step forward.'
EU and US suspend some sanctions against Iran - official
The European Union suspended a range of sanctions against Iran on Monday after Tehran began implementing a deal to curb its nuclear programme, the EU said.
'As part of the implementation of the Joint Plan of Action agreed by Iran and the E3/EU+3, which enters into force today, the Council today suspended certain EU restrictive measures against Iran for a period of six months,' a statement said.
The suspension was agreed by foreign ministers meeting in Brussels for regular monthly talks after they received word from the UN's nuclear watchdog, the IAEA, that Tehran had stuck to its side of a November deal to cut back its nuclear programme.
The new measures notably include the suspension of a 2012 ban on insuring and transporting Iranian crude oil that caused a more than 50 percent drop in Tehran's oil exports.
European insurers up until then had accounted for 90 percent of coverage for deliveries of Iranian oil anywhere in the world.
The EU also will suspend bans on trade in gold, precious metals and petrochemical products while increasing a ceiling on financial transfers not related to remaining sanctions.
The EU has promised to impose no new sanctions in the next six months, the first stage in efforts to find a lasting solution over fears that Iran is developing a nuclear bomb.
US Secretary of State John Kerry on Monday approved a waiver to ease sanctions on Iran, after the Islamic republic began to impose curbs on its suspect nuclear program.
'Iran has begun to take concrete and verifiable steps to halt its nuclear program,' State Department spokeswoman Jen Psaki said, adding it was 'an unprecedented opportunity' to resolve global concerns over the atomic program.
Kerry has approved the waiver, which will allow limited relief to help Iran's crippled economy, and it would be sent to Congress on Monday, she added.
As agreed with world powers under a six-month deal reached on November 24, the US administration 'has taken the necessary steps to pause efforts to further reduce Iranian crude oil exports,' a separate US fact sheet said.
This will allow the six nations which buy Iranian oil to continue to do so for the duration of the deal.
Sanctions will also be suspended on non-Americans trading in Iran's petrochemical exports, as well as certain trade in gold and precious metals and Iran's automotive sector.
White House spokesman Jay Carney hailed Iran's actions as 'an important step forward.'
'These actions represent the first time in nearly a decade that Iran has verifiably enacted measures to halt progress on its nuclear program, and roll it back in key respects,' he said in a statement.
'Iran has also begun to provide the IAEA with increased transparency into the Iranian nuclear program, through more frequent and intrusive inspections and the expanded provision of information to the IAEA.'
Psaki agreed 'these actions today are significant steps in our efforts to achieve a diplomatic solution to prevent Iran from obtaining a nuclear weapon.'
'The coming negotiation to reach a comprehensive agreement that addresses all of the international community's concerns will be even more complex, and we go into it clear-eyed about the difficulties ahead,' she said.
'But today's events have made clear that we have an unprecedented opportunity to see if we can resolve this most pressing national security concern peacefully. That remains our goal, and that is our challenge ahead.'
Any new contracts struck with Iranian firms should not go beyond the six-month period.
UN watchdog confirms Iran nuclear freeze
The UN atomic watchdog has confirmed that Iran's partial nuclear freeze, part of a landmark deal with world powers struck in November, began on Monday as planned.
'It's all fine, all their requirements have been fulfilled,' one envoy to the International Atomic Energy Agency said in Vienna, in comments echoed by other diplomats.
The diplomats said that an IAEA report had been sent to member states confirming the start of the freeze.
Voice of Russia, AP
Source: http://voiceofrussia.com/news/2014_01_22/Iran- gets-access-to-its-frozen-assets-3724/
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