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Iran gets first tranche of assets under sanctions relief

Published on Feb 4, 2014 12:17 AM

DUBAI (REUTERS) - A first tranche of US$550 million (S$701 million) in sanctions relief agreed under an interim nuclear deal has been paid into an Iranian Central Bank account in Switzerland, the official IRNA news agency said on Monday.

Quoting an informed source, the agency reported: "$550 million in frozen Iranian assets (were) transferred to Iran's Central Bank account in Switzerland.

The agency said the money was a first instalment of US$4.2 billion in blocked Iranian oil revenue that is to be made available to Iran under the Nov 24 deal.

That agreement is designed to curtail Iran's nuclear activities for a six-month period beginning on Jan 20 in exchange for sanctions relief from six major powers: Britain, China, France, Germany, Russia and the United States.

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