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Iran Reaps Less Ready Cash from Eased Sanctions than Predicted
(Bloomberg) Indira A.R. Lakshmanan - Sanctions relief to Iran is generating billions of dollars less in immediate benefits for Iran than officials anticipated - and billions more than expected in oil revenue accumulating in restricted accounts. According to figures declassified by the Obama administration, Iran's direct benefit in cash and non-oil exports in the first six months of this year was $2 billion less than the administration predicted - $4.6 billion instead of as much as $7 billion. Iran also earned $4.7 billion more from higher combined sales of crude oil than it had in the previous six months, but can't repatriate that money, which under U.S. sanctions is held in restricted bank accounts. Under Monday's extension of negotiations, Iran will continue to get access to $700 million a month from oil-export revenue held in accounts frozen by U.S. sanctions.