Iranian deputy foreign minister Abbas Araghchi has announced that the Geneva agreement will be put into effect starting on January 20.

ISNA reports that Araghchi announced on Sunday January 12 that the six world powers have now expressed their approval of the latest round of talks, which has also been approved by top officials in Iran.

Both parties will begin taking the steps laid out in the agreement, Araghchi said. “All the sanctions that they have agreed to suspend in the agreement will be suspended as of January 20,” he explained; “and all the actions that we had agreed on regarding the suspension of [uranium] enrichment at the 20-percent level will be taken.”

Araghchi also reported that 4.2 billion dollars in frozen Iranian assets will be released in eight phases.

The 5+1 reached an agreement with Iran in November to take certain preliminary steps toward resolving the disputes over Iran’s nuclear program. The agreement lays out certain confidence-building steps to be carried out over the next six months, allowing time for the parties to reach a more comprehensive agreement.