An agreement to ease the international sanctions on Iran will come into force on 20th January. The new deal will release significant funds in oil revenue to Iran, the BBC are reporting.
The interim deal agrees to transfer $4.2billion in instalments to Iran from sales of its oil. Originally agreed upon in November 2013, the deal pledges that no further sanctions will be issued against Iran, assuming that it does not breach the agreement.
The funds will be transferred to Iran in eight stages over the next six months.
In return, Iran has agreed to halt the enrichment of Uranium above 5% purity and to neutralise its stockpile of 20% enriched Uranium.
US President Barack Obama welcomed the news but said more work was needed to strike a long-term deal.
Baroness Ashton represents the five permanent members of the UN Security Council – US, Russia, China, France and Britain – plus Germany in the talks with Iran.
“The foundations for a coherent, robust and smooth implementation of the joint plan of action over the six-month period have been laid,” she told the BBC.
US Secretary of State John Kerry said that while implementation of the agreement was a critical, significant step, it was the next phase – of negotiating a comprehensive deal – that posed a “far greater challenge”.
“The negotiations will be very difficult but they are the best chance that we have to be able to resolve this critical national security issue peacefully and durably,” he said.
