Iran to have access to over $100 billion when deal implemented

US officials say sanctions could be reimposed within 65 days in the event of Iranian noncompliance with the deal

VIENNA: Iran would get access to more than $100 billion in frozen assets when the Iran nuclear agreement is implemented, which depends on when Tehran has curbed its nuclear program and the UN nuclear watchdog has certified this, US officials said on Tuesday.

The officials, who spoke on condition of anonymity ahead of the formal announcement of the deal, said that UN Security Council sanctions could be reimposed on Iran within 65 days in the event of Iranian noncompliance with the deal.

US Secretary of State John Kerry attends a plenary session at the United Nations building in Vienna, Austria July 14, 2015. PHOTO: REUTERS

The accord includes a provision under which Iran can be required to provide the International Atomic Energy Agency (IAEA) with access to suspected nuclear sites, including military sites, or with other means to address their concerns, within 24 days if a majority of a panel overseeing the deal insists.

Read: Iran, big powers clinch landmark nuclear deal

The eight-member commission includes Britain, China, France, Germany, Russia, the United States, Iran and the European Union, the officials said. As a result the United States, the three European nations and the EU can oblige Iran to provide such access and Tehran, Beijing and Moscow could not veto this.

Read: Iran nuclear deal 'very close'

World leaders pose for a group picture at the United Nations building in Vienna, Austria July 14, 2015. PHOTO: REUTERS

If Iran refused to comply, one US official said that the major powers could then move to "snapback" or reinstate UN Security Council sanctions against Iran, a process that itself can take place within 65 days.