Japanese, Swiss, South Korean banks to transfer released assets to Iran as part of nuclear deal

Photo: Japanese, Swiss, South Korean banks to transfer released assets to Iran as part of nuclear deal / Iran

Baku, Azerbaijan, Jan. 28

By Umid Niayesh, Saeed Isayev - Trend:

Some banks in Japan, Switzerland and South Korea, which are specified by the Western countries, will transfer Iran's petrodollars to the country, Iranian deputy foreign minister, Abbas Araqchi said, the country's Mehr news agency reported on Jan. 28.

The transfers will be carried out as part of the nuclear deal that Iran reached with the P5+1 group last year on Nov. 24.

Under the agreement, six major powers agreed to give Iran access to $4.2 billion in revenues blocked overseas if it carries out the deal, which offers sanctions relief in exchange for steps to curb the Iranian nuclear program.

Araqchi, who is Iran's top nuclear negotiator, went on to say that the Central Bank of Iran should cooperate with the specified foreign banks to transfer released assets into the country.

"Some $4.2 billion of Iran's oil revenues will be released, and directly transferred into Iran in euro," he said, adding that eight countries will release Iran's assets.

Araqchi said that the assets will be returned to Iran in six $550 million payments and two $450 million payments.

"The first payment will be realized on the Feb. 1," he said, adding that $1.550 billion will be paid to Iran till March 6.

The U.S. and its Western allies suspect Iran of developing a nuclear weapon - something that Iran denies. The Islamic Republic has on numerous occasions stated that it does not seek to develop nuclear weapons, using nuclear energy for medical researches instead.

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