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 The official, who spoke on condition of anonymity, said the money
and assets were held in various countries and that a significant
proportion was Iran's oil revenue. Financial and other sanctions
have meant that Tehran has not had free access to spend it.
Under the November 24, six-month accord between Iran and the major
powers, Tehran will receive limited sanctions relief, which the U.S.
estimates to be worth about $7 billion, in return for curbing its
disputed nuclear program.
Of this amount, $4.2 billion is in the form of access to currently
blocked Iranian revenue held abroad.
The U.S. official said Iran would identify from where it wants to
take the funds and that the Western authorities would facilitate
their transfer in a series of installments during the next half
year, depending on the Islamic Republic carrying out its part of the
deal.
The interim accord — meant to buy time for negotiations on a final
settlement of the decade-old nuclear dispute — also pauses Western
efforts to further cut Iran's oil exports, which Washington says
have plunged by around 60 percent to 1 million barrels per day since
early 2012.
The U.S. official made clear that the volume would not increase if
the oil price were to fall during the six-month agreement, the
implementation of which is due to start on Monday.
Japan, South Korea, China, India, Taiwan, and Turkey are still
importing Iranian oil, and the official said that if another country
started purchasing crude from Tehran it would likely violate U.S.
law.
U.S. WARNS AGAINST IRAN BUSINESS
The official reiterated U.S. concerns about a recent Reuters report
that Iran and Russia are negotiating an oil-for-goods swap worth
$1.5 billion a month. Such a deal would significantly boost Iran's
oil exports.
The administration official also underlined the U.S. view that
businesses should not rush to return to Iran, saying the sanctions
relief under the Geneva agreement was both limited and reversible.
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European companies are sizing up the potential of an end to the
economic isolation of Iran, attracted by an urgent need to overhaul
its creaking infrastructure, a young population of 76 million and
major oil and gas reserves.
Reuters reported this week that Belgian chemical firm Tessenderlo
will ship fertilizer to Iran within weeks as the easing of Western
financial sanctions has helped Tehran complete its first potash
tender purchase in two years.
Sanctions imposed by the United States and its allies over Iran's
controversial nuclear program did not ban the supplying of
fertilizer to the country.
But measures that have isolated Tehran from most of the global
banking system have significantly limited its trading, shipping and
payments over the past two years.
The administration official said it would not be good business to
begin re-engaging with Iran now, because sanctions still made it
very difficult to carry out transactions with the country and
receive or make payments.
Iran rejects Western allegations that it has been seeking to develop
the capability to make nuclear bombs.
But last year's election of a relative moderate, Hassan Rouhani, as
Iranian president paved the way for a diplomatic thaw with the West,
which led to the Geneva accord.
(Editing by Jane Baird)
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