After a long deadlock, Iran could receive sanctions relief of up to $50 billion under the much-discussed understanding between the United States and Iran, it has been learnt. The agreement would create scope for a large amount of previously frozen Iranian assets to be released in phases.
According to sources connected to the talks, a preliminary understanding was reached in talks in the Qatari capital, Doha, to release $6 billion in each of two phases, for a total of $12 billion, with a final signing ceremony then planned in Switzerland. An Iranian spokesperson said that process had already been completed.
Under the proposed framework, funds equivalent to $12 billion would be released for Iran in the first phase. A further $12 billion could then be unlocked during 60 days of talks. If a full and final agreement is ultimately reached between the two sides, the total value of sanctions relief and released funds could reach $50 billion.
The money will not, however, be given to Iran as fully unrestricted cash, it has been learnt. US officials have long expressed concern that such money could be used for the activities of Iran’s Islamic Revolutionary Guard Corps (IRGC), and so strict conditions have been proposed on the use of the funds.
The money released under the agreement is expected to be allowed for spending mainly in areas such as the import of food, medicine and humanitarian goods. A further US condition is that these goods must be bought through approved US-linked markets and financial channels.
Although Tehran’s position on these conditions is not fully clear, Iran has so far made no public objection. According to analysts, if a final agreement is implemented, it could bring significant relief to Iran’s economy and create new opportunities to improve relations with Western countries.
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