Iran will be receiving billions of dollars in monthly installments while a permanent deal is negotiated.

SHARECOMMENTMORE

The United States has suspended some economic sanctions on Iran in response to its suspension of high-level uranium enrichment under terms of an interim treaty that went into effect on Monday.

Iran should get billions of dollars in installments over the next six months while all sides negotiate a permanent treaty.

The U.S. and European Union voted to suspend some of the economic sanctions after the International Atomic Energy Agency confirmed that Iran had taken its required steps under the deal, which was brokered by EU foreign policy chief Catherine Ashton.

The IAEA confirmation was the first step in a carefully choreographed sequence of events under the deal struck in in Geneva in November with Britain, China, France, Germany, Russia and the United States.

British Foreign Secretary William Hague, who voted with other EU foreign ministers in Brussels to suspend some of the sanctions for six months, called the deal "an important milestone."

Iranian foreign minister Mohammad Javad Zarif also confirmed on his Facebook page that Tehran had met its obligations and expressed hope that it would "be of positive outcomes for the country and would bring further peace and stability to the region and the world," the IRNA Iranian news agency reported.

Contributing: Associated Press