Iran and the five permanent members of the UN Security Council plus Germany (P5+1) on Jan. 20 began implementing an interim nuclear deal that cracks open the Iranian economy in key areas and also streamlines $400 million in tuition payments for thousands of Iranian students in US and other foreign colleges and universities.

A senior Barack Obama administration official, speaking to reporters on condition of anonymity, insisted that implementation of the Nov. 24 deal “does not mean that Iran is open for business.”

However, from now until July 20, when the deal is scheduled to expire unless renewed, the US Treasury Department is waiving sanctions that threatened legal action and hefty fines against foreign companies buying petrochemicals from Iran or providing Iran with automotive parts or precious metals. Iran will continue to export oil at current levels to six countries and have access to spare parts and maintenance for its troubled civilian airline sector. The US government has estimated that this sanctions relief would be worth about $3 billion to the beleaguered Iranian economy.

Iran will also get access to $4.2 billion of an estimated $100 billion in past oil revenues currently frozen in foreign banks. The money is to be doled out in monthly increments, assuming Iran follows through on pledges to halt its production of 20% enriched uranium and neutralize its current stockpile, as well as to curb other elements of its nuclear program.