The interim deal to freeze Iran’s nuclear program begins one week from today, 20 January.  The deal between Tehran and six major world powers will have Iran freezing and rolling back its nuclear program in exchange for the others loosening economic restrictions that have choked Iran’s economic growth.

“As of that day, for the first time in almost a decade, Iran’s nuclear program will not be able to advance, and parts of it will be rolled back, while we start negotiating a comprehensive agreement to address the international community's concerns about Iran's program,” US Secretary of State John Kerry said in a statement Sunday.

Under the terms of the deal, Iran has agreed to stop enriching of uranium above 5 percent purity, and will “neutralize” or dilute its stockpile of near-20 percent-enriched uranium.  The European Union’s foreign policy chief Catherine Ashton said the world powers would now ask the United Nations’ nuclear watchdog (IAEA) to ensure that Tehran is doing that.

In return, the world powers – The US, Russia, China, France, Britain, and Germany – agreed to suspend certain sanctions on trade in gold and precious metals, Iran's automotive sector, and its petrochemical exports.  To that end, Reuters is reporting that Iran will receive the first US$550 million installment of a total of US$4.2 billion in previously blocked overseas funds on or about 1 February.