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Iran insurance expecting freedom of $20M blocked assets

Business Materials 1 August 2015 13:35 (UTC +04:00)

Tehran, Iran, August 1
By Mehdi Sepahvand - Trend:

If economic sanctions are lifted, the Iranian insurance industry's assets blocked in European countries will be freed, an Iranian insurance official said.

The Central Insurance of Iran has a little less than $10 million blocked there and there is another $10 million belonging to Iranian insurance companies also blocked in European countries, making up some $20 million which is expected to be freed after the removal of the sanctions, Central Insurance of Iran Vice President in Reinsurance said, Mehr news agency reported August 1.

As soon as the sanctions are lifted and Iran can have access to Society for Worldwide Interbank Financial Telecommunication (SWIFT), the foreign companies will settle the money with Iranian counterparts, she said.

Currently Iran cannot use SWIFT under sanctions posed to it on grounds of foreign claims about the country's nuclear program.

However, Tehran reached a deal with the group 5+1 (the US, UK, France, Russia, China, and Germany) on July 14 to lift the sanctions.

Western and Middle East insurance specialists see Iran as an appealing $8 billion market in the wake of its nuclear deal with the six world powers.

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