Japan makes 2 oil payments to Iran

‘Japan makes 2 oil payments to Iran’

Thu, 17 Apr 2014 14:33:51 GMT

The world’s third-largest economy, Japan, has made two more previously-frozen payments to Iran for crude imports that were unblocked under an interim deal between the Islamic Republic and the six major world powers.

The payments totaled $1 billion, with one installment of $550 million due on April 10 and the remainder on April 15, Reuters reported on Thursday.

The fourth and fifth payments mean Iran has received $2.55 billion in unfrozen oil funds, with all but one payment coming from Japan.

In January, Japan became the first of Iran’s oil buyers to make a payment for crude imports following the deal between Iran and the six world powers over the Islamic Republic’s nuclear energy program. One source confirmed that the Japanese payment was $550 million.

Under the deal, the second and third payment schedules were March 1 for $450 million and March 7 for $550 million.

Iran and the five permanent members of the UN Security Council – the US, France, Britain, Russia, China – plus Germany reached an interim deal on November 24, 2013, in the Swiss city of Geneva to set the stage for the full settlement of the dispute over Iran’s program. The deal took effect on January 20.

According to the Geneva deal, the six countries agreed to provide Iran with some sanctions relief in exchange for Iran agreeing to limit certain aspects of its nuclear activities during a six-month period. It was also agreed that no nuclear-related sanctions would be imposed on the Islamic Republic within the same time frame.

Iran and its negotiating partners wrapped up their latest round of high-level nuclear talks in Vienna on April 9. The two sides agreed to meet again in the Austrian capital on May 13.

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