(Adds quotes, details on sanctions, background, new throughout)
WASHINGTON Jan 12 Iran will get some sanctions
relief at the start of the implementation of the Nov. 24 nuclear
deal but will not get all of it until the six-month
implementation period ends, a senior U.S. official said on
The official was one of several who briefed reporters about
an agreement to implement the November nuclear deal between Iran
and six major powers under which Tehran will receive limited
sanctions relief in exchange for curbing its nuclear activities.
Assuming the International Atomic Energy Agency (IAEA), the
U.N. nuclear watchdog, confirms Iran is carrying out the deal,
the major powers would immediately suspend sanctions on Iran's
petrochemical exports, on imports for its auto manufacturing
sector and on its trade in gold and other precious metals.
According to U.S. estimates, the overall sanctions relief
provided to Iran under the deal is worth about $7 billion. Of
this amount, $4.2 billion is in the form of access to currently
blocked Iranian revenues held abroad.
"Access to a portion of these funds will be linked to Iran's
progress in completing the dilution process for 20 percent
enriched uranium," said the official, referring to Iran's
commitment to dilute half of its 20 percent enriched uranium to
no more than 5 percent enriched uranium.
"Iran will not have access to the final installment of the
$4.2 billion until the last day of the six-month period," the
He declined to provide a detailed breakdown of how the $4.2
billion will be provided with Iran over the six months other
than to say that it would be distributed "on a set schedule at
regular intervals through out the six-month period."
(Reporting by Arshad Mohammed; Editing by Leslie Adler, Bernard