IAEA Chief Admits Iran’s Commitment to Geneva N. Deal

The UN atomic watchdog chief announced on Monday that Iran has made sufficient progress in fulfilling its commitments under the Geneva nuclear deal, which entitles Tehran to receive a scheduled March 1 installment of $450 million out of a total of $4.2 billion in previously blocked overseas funds.

"As of today, measures agreed under the Joint Plan of Action are being implemented as planned," Amano said, referring to the November 24 agreement struck in Geneva between Iran and Russia, China, the US, Britain, France and Germany.

These included "the dilution of a proportion of Iran's inventory" of 20 percent uranium gas to a lower enrichment level, which "has reached the halfway mark", he told the IAEA's 35-nation board, according to a copy of his speech.

In return, Iran is gradually winning access to $4.2 billion of its oil revenues frozen abroad and some other sanctions relief. The funds will be paid out in eight transfers on a schedule that started with a $550 million payment by Japan on February 1, according to Reuters.

"The measures implemented by Iran, and the further commitments it has undertaken, represent a positive step forward, but much remains to be done to resolve all outstanding issues," Amano said.

The veteran Japanese diplomat also noted that 17 IAEA member states had so far expressed interest in contributing extra-budgetary funds to help finance the IAEA's extra workload in monitoring the implementation of the Geneva agreement in Iran, but that more was needed. "We are still short of some €1.6 million," Amano said.

The UN agency said in January it needed about 5.5 million euros from member states to pay for its increased activities in Iran. This would cover more inspectors sent to Iran and the purchase of specialized surveillance-related equipment.