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Updated: Jan 13, 2014 23:28 IST

Iran will get $4.2 billion of its blocked funds in phases under a six-month landmark nuclear deal, starting from next month.



“The $4.2 billion in restricted Iranian assets that Iran will gain access to as part of the agreement will be released in regular installments throughout the six months. The final installment will not be available to Iran until the very last day,” Secretary of State John Kerry said on Sunday.

A top official said Iran will get the first installment of $550 million around first week in February.

Iran and the P5+1 group — the US, UK, Russia, China, and

France plus Germany —sealed a six-month Joint Plan of Action in November last year. Under the plan, Iran agreed to curb parts of its nuclear programme for six months in exchange for modest relief from international sanctions.

Iran announced that it along with six world powers have agreed on how to implement the nuclear deal they struck in November with the terms starting from January 20.

“I have no illusions about how hard it will be to achieve this objective, but for the sake of our national security and the peace and security of the world, now is the time to give diplomacy a chance to succeed,” US President Barack Obama said.

The “agreement to implement the Joint Plan of Action announced in November marks the first time in a decade that the Islamic Republic of Iran has agreed to specific actions that halt progress on its nuclear programme and roll back key parts of the programme,” he said.

Beginning January 20, Iran will for the first time start eliminating its stockpile of higher levels of enriched uranium and dismantling some of the infrastructure that makes such enrichment possible, the US President said.

Oil falls below $107 on Iran nuclear deal

Oil fell below $107 a barrel on Monday after six major powers struck a fresh six-month deal with Iran to curb its nuclear programme. Brent crude for February delivery was down 59 cents at $106.66 per barrel at 1047 GMT. The contract had settled 86 cents higher on Friday. US crude slipped 62 cents to $92.10 per barrel, after closing $1.06 higher on Friday. Analysts said the move lower on the Iran developments was relatively muted because any increase in exports would be slow.