London (Platts)--20Jan2014/417 pm EST/2117 GMT

The US said Monday it had taken the necessary steps to pause efforts to further reduce Iranian crude oil exports by allowing the six current customers of Iranian oil to maintain their purchases at current levels for the duration of the Geneva agreement between Iran and world powers that entered into force Monday.

Washington in November pledged not to put pressure on China, India, Japan, South Korea, Turkey and Taiwan to cut their Iranian oil imports further as part of the Joint Plan of Action agreed with Iran in Geneva.

"Today, the International Atomic Energy Agency (IAEA) reported that Iran has taken the initial specific steps it committed to on or by January 20, as part of the Joint Plan of Action between the P5+1 and Iran," White House press secretary Jay Carney said in a statement.

"As a result, implementation of the Joint Plan of Action will begin today," he said.

Earlier Monday, the EU amended a key part of its Iranian sanctions package imposed in July 2012 by lifting its ban on the provision of insurance for tankers carrying crude oil from Iran (see story 1610 GMT).

The US State Department added in a separate statement that the sanctions relief includes allowing Iran access to a limited sum of its funds restricted abroad, allocated in installments over the next six months.

"All sanctions relief is contingent upon Iran's continuing adherence to the nuclear steps outlined in the initial understanding in Geneva and detailed in the technical commitments made subsequently," it said.

"If it is determined that Iran has failed to meet these commitments, the US government, will revoke this limited sanctions relief."

The department said that the US would continue to fully enforce all sanctions not explicitly suspended in this first step, "including the comprehensive US embargo and sanctions affecting Iran's ability to sell oil and access the international financial system." It said that the P5+1, the EU and Iran would now begin the process of negotiating a long-term, comprehensive solution that "seeks to address the international community's concerns about Iran's nuclear program."

EU foreign affairs chief Catherine Ashton said she hoped talks aimed at reaching a "comprehensive solution" would begin in February.

The State Department said Iran had begun to take concrete and verifiable steps to halt its nuclear program.

"These actions today are significant steps in our efforts to achieve a diplomatic solution to prevent Iran from obtaining a nuclear weapon. The coming negotiation to reach a comprehensive agreement that addresses all of the international community's concerns will be even more complex, and we go into it clear-eyed about the difficulties ahead," it said.

"But today's events have made clear that we have an unprecedented opportunity to see if we can resolve this most pressing national security concern peacefully. That remains our goal, and that is our challenge ahead."

--Stuart Elliott, stuart.elliott@platts.com --Edited by Alisdair Bowles, alisdair.bowles@platts.com

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