On 24 November, the foreign ministers of Iran and the P5+1 agreed to a six-month interim deal that involves the freezing of key parts of the Iranian nuclear program in exchange for a decrease in sanctions, to provide time to negotiate a permanent agreement. Iran will stop enriching uranium beyond 5%, and will stop development of their Arak plant. The UN will be granted greater access for inspections. In exchange, Iran will receive relief from sanctions of approximately US$7 billion (£4.3 billion) and no additional sanctions will be imposed.[310][311][312] President Obama called the agreement an "important first step."[313] Following further negotiation of implementation details, a summary of which was released by the White House on 16 January 2014, implementation began 20 January 2014.[314]