Iran will get as much as $7 billion in relief from economic sanctions over six months under the first-step agreement reached today in Geneva

Iran will get as much as $7 billion in relief from economic sanctions over six months under the first-step agreement reached today in Geneva, the Obama administration said.

The interim agreement provides for the release of $4.2 billion in frozen oil assets and will let Iran continue exporting oil at current levels, rather than forcing continued reductions by buyers, as would be required under current law, according to a White House statement.

The accord also will “suspend certain sanctions on gold and precious metals, Iran’s auto sector and Iran’s petrochemical exports, potentially providing Iran approximately $1.5 billion in revenue,” the administration said.

The deal will permit $400 million in tuition payments to schools for Iranian students studying abroad over the six months, and it will give Iran access to civilian aircraft parts as well as help in providing humanitarian aid that isn’t banned by sanctions, according to Bloomberg news.
The agreement would ease European Union sanctions on insurance and transportation of Iranian oil, according to a Farsi-language copy of the deal.