Iran to Receive 3rd Installment of $2.8bln Frozen Assets Today

Iran’s Central Bank has announced that it has received the first two installments of its blocked assets, which are being returned to Tehran under a four-month extension of nuclear negotiations with world powers.

The Central Bank has declared that the two tranches, amounting to $1bln combined, have been transferred from its account in Japan to another account in Oman.

Iran and the Group5+1 (the five permanent UN Security Council members plus Germany) ended over two weeks of negotiations in Vienna on July 19 with no final agreement between the two sides which was due to be reached before the July 20 deadline.

During the talks, a senior member of the Iranian team of negotiators stressed that the excessive demands made by the other side were the root cause of the differences between Tehran and the world powers.

At the end of their talks, the two sides agreed to extend the negotiations till November 24 for brokering a final deal.

The Sextet of world powers agreed in Vienna talks to release $2.8bln of Iran's frozen assets in six installments.

The amount will be released in four $500mln and two $400mln installments within an almost once every three weeks period as follows:

First installment: $500mln on August, 1, 2014

Second installment: $500mln on August, 25, 2014

Third installment: $400mln on September, 17, 2014

Fourth installment: $500mln on October, 10, 2014

Fifth installment: $500mln on November, 3, 2014

Sixth installment: $400mln on November, 23, 2014