Geneva, January 13 (RHC)-- A top Iranian nuclear negotiator says Iran and the six world powers will start implementing the Geneva nuclear agreement on January 20th.

Iran’s Deputy Foreign Minister for Legal and International Affairs Abbas Araqchi told reporters on Sunday that the two sides had reached a consensus. Araqchi said once Iran begins to implement the Geneva deal, the six powers -- five permanent members of the UN Security Council plus Germany -- will begin to ease sanctions on Tehran.

He added that the other side will release 4.2 billion dollars in Iranian frozen assets in eight stages and Iran, in return, will oxidize its 20-percent-enriched uranium within a year. Araqchi emphasized that both Tehran and the six powers will proceed to implement the Geneva deal in a balanced way.

The Iranian official also expressed Tehran’s readiness to allow the International Atomic Energy Agency (IAEA) to verify the implementation of the Geneva deal. The development comes two days after Iran and the six world powers concluded two days of talks in Geneva about how to implement the landmark deal.