six months. It is unclear how much Iran will receive from each country.
A joint commission from Iran and the six powers is supposed to decide which foreign banks can transfer the money to Tehran, what currency they will use, and which Iranian banks will get the cash, a senior US Treasury official said on Monday.
The transfer of Iran's oil funds will likely be done by banks that already have Iranian accounts, the official said.
India is Iran's second-largest buyer and owes Tehran about $5.3 billion for oil shipments, according to government and refining sources. Payments by Indian refiners to Iran could resume through Turkey's state-run Halkbank, a route used until February.
The National Iranian Oil Company (NIOC) asked Indian refiners in mid-October to settle some of their payments in euros via Halkbank as soon as possible. Refiners are awaiting the all-clear from the Indian government before transferring any cash.
"Next week if it is possible, we will start making our payments," said P.P. Upadhya, managing director of Mangalore Refinery and Petrochemicals Ltd, one of the Indian buyers of Iranian crude.
A government official also said payments would be expedited once the payment mechanism via Turkey opens up.
"If that Halkbank route opens up ... rather than pushing this to a later date, perhaps this money will go to the Iranians sooner rather than later," said the official, who had direct knowledge of the matter.
The transfer of funds may help the US Treasury Department more closely monitor how Iran plans to use the cash, the US official said.
"One of the things that we spend a lot of time doing is looking at how the Iranians are trying to access this stranded revenue, and heading them off at the pass," the official said.
"And I think the Iranians know if they continue to try to continue to get access to any of this revenue in other fashions (outside the agreement), that that's going to blow up the deal."
Banking and industry sources in South Korea and Japan said they were awaiting details of the weekend agreement before they could decide on how to transfer money to Iran.
South Korea has