The latest report from the International Atomic Energy Agency indicates that Iran has complied with the provisions of the Geneva Agreement and reduced its reserves of enriched uranium.

Reuters reported on Sunday July 20 that as the parties reached the deadline to draft a final comprehensive agreement, Iran has turned its remaining stock of 20-percent-enriched uranium into uranium oxide powder.

Iran and the 5+1 have agreed to extend the deadline for reaching a final agreement on Iran’s nuclear activities. The report indicates that they have agreed on an extension of four and a half months.

According to the Geneva Agreement, Iran has also agreed to stop enriching uranium beyond the five-percent grade.

In exchange, some of Iran’s frozen assets have been released by international banks. The final agreement will have to entail a mechanism to drop all sanctions against Iran.