Some $450 mln of MTN's assets frozen in Iran due to sanctions

Business Materials 22 October 2013 16:17 (UTC +04:00)

Azerbaijan, Baku, Oct. 22 /Trend, N. Umid, S. Isayev

Some $450 millions of MTN telecommunications company's assets have been frozen in Iran, manager director of the Irancell Company, Alireza Ghalambor Dezfouli Said, Iranian Ghanoon newspaper reported.

MTN Group is a South Africa-based multinational mobile telecommunications company, operating in many African, European and Middle Eastern countries. Its head office is in Johannesburg.

MTN owns 49 percent of Irancell which is the second largest mobile phone network operator of Iran.

Ghalambor went on to note that, the MTN has invested $1.2 billions in Iran, while it cannot withdraw $450 millions of its incomes from Iran due to sanctions.

The Central Bank of Iran(CBI) is trying to resolve the problem, he added.

Currently it is almost impossible for money to flow in and out of Iran via official bank channels due to international sanctions.

The U.S. and EU imposed sanctions targeted at the Iranian national currency the rial as well as the CBI.

The sanctions have largely cut Iran out of the international banking system, making it difficult to sell oil; the country's oil exports are down by more than half from pre-sanctions levels of about 2.2 million barrels per day.