Iran Nuclear Talks Deadline Extended till November 24

(FNA)- The nuclear negotiations between Iran and the Group 5+1 (the US, Russia, China, Britain and France plus Germany) failed to reach an agreement before the deadline of July 20 and the two sides agreed to extend the talks till November 24 for brokering a final deal.

The first step of the interim Geneva agreement has been extended for four months until November 24, 2014, Iranian Deputy Foreign Minister Seyyed Abbas Araqchi told reporters in Vienna on Friday.

He also said that a sum of $2.8 billion will be remitted to Iran's account in the next four months.

"A total of $2.8 billion will be paid to Iran in six installments in the next four months," Araqchi said, adding that four installment each $500 million and two installments each $400 million will be paid to Iran as of August 1 with a gap of three months each.

Iran and the G5+1 ended nearly two weeks of negotiations in Vienna on Friday with no final agreement between the two sides which was due to be reached before the July 20 deadline.

On Thursday, Iranian Foreign Minister Mohammad Javad Zarif once again called on the western countries to seize the opportunity to reach a final agreement with Tehran on the latter's nuclear standoff with the West.

"A common understanding is needed for the nuclear negotiations to bear fruit," Zarif told reporters after meeting EU Foreign Policy Chief Catherine Ashton.

The Iranian foreign minister urged the West to seize the current opportunity to reach a final agreement with Iran.

The two sides sealed an interim deal in Geneva, Switzerland, last November. The accord took effect in January and will expire on July 20, but the deadline was extended based on an agreement by all parties involved.