Iran will be able to access $4.2 billion of the $100 billion in assets it has abroad under the interim agreement reached last year on its nuclear program, a U.S. official said Friday.
The senior administration official told Reuters that a large percent of Iran’s foreign assets are from its oil revenue, but sanctions have restricted Iran’s ability to spend the money.
The funds are spread out across various countries. Western authorities will transfer the money to Iran over the next six months — as long as the interim deal is being carried out — once Iran decides where it wants to take the money from, the official said.
Iran, the United States, United Kingdom, Germany, France, China, and Russia reached an interim deal over Iran’s nuclear program in November. Under the interim agreement, Iran will curb its nuclear production in exchange for limited sanctions relief. U.S. officials have estimated that the sanctions relief will total $7 billion.
Talks to reach a long-term agreement over the country’s nuclear program are expected to start Monday.