Iran has received the first installment of frozen overseas assets following the implementation of the Geneva nuclear agreement on 20 January.

An installment of $500m was deposited into an Iranian Central Bank account in Switzerland, according to news reports confirmed by Tehran

Iran has agreed to suspend parts of its nuclear programme in exchange for some relief from international sanctions under the interim deal hammered out by Iran and the P5+1 world powers in November.

Iran will have access to $4.2bn of oil revenues frozen by foreign governments, the two sides agreed.

Further repayments depend on Iran achieving its uranium enrichment reduction targets, which is monitored by the International Atomic Energy Agency.