 India will pay $1.65 billion to Iran over the next three months as part of a temporary deal between Iran and the P5 +1 nations, according to news agency Reuters.
As long as Tehran complies with the terms of its preliminary agreement with western powers, which took effect on the 20th January 2014, Iran receives some of its funds frozen abroad in eight payments from various buyers over six months.
Iran has cut its most sensitive nuclear stockpile by nearly 75 percent in implementing the pact, the International Atomic Energy Agency said in its latest report, as the OPEC member allays fears about its atomic aims.
This means Tehran will have access to the next two installments, each of $550 million, which are due on May 14 and June 17. The final $550 million installment, due on July 20, is contingent on confirmation that Iran has fulfilled all of its commitment.
The Indian government has asked refiners to make the first payment by mid-May, three of the sources said, adding that refiners will settle all three tranches if payment is allowed by the United States and European Union.
“The individual companies’ share is to be worked out,” one of the sources said.
Iran has so far received $2.55 billion in frozen oil funds, in five payments, four from Japan and one from South Korea.
