Iran to Reap $7 Billion in Sanctions Relief Under Accord


iranian-foreign-minister-javad-zarifIran will get as much as $7 billion in relief from economic sanctions over six months under the first-step agreement reached in Geneva, the Obama administration said.

In return for Iran limiting its nuclear program, the interim agreement provides for the release of $4.2 billion in frozen oil assets and will let Iran continue exporting oil at current levels, rather than forcing continued reductions by buyers, as would be required under current law, according to a White House statement.

The accord also will “suspend certain sanctions on gold and precious metals, Iran’s auto sector and Iran’s petrochemical exports, potentially providing Iran approximately $1.5 billion in revenue,” the administration said.

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{ Newscenter}