Baku, Azerbaijan, Feb.14
By Fatih Karimov - Trend: The Central Bank of Iran has named eight domestic banks, which will transfer the country's frozen assets, ISNA reported on Feb. 14.
Eqtesad Novin, Parsian, Pasargad, Karafarin, Sarmayeh, Saman, Maskan, and Keshavarzi, which are not under the U.S. and the EU sanctions, have been announced by the Central Bank of Iran to transfer $4.2 billion in oil revenues blocked overseas into the country.
On Jan. 28, Iranian deputy foreign minister, Abbas Araqchi said some banks in Japan, Switzerland and South Korea, which are specified by the Western countries, will transfer Iran's petrodollars to the country.
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.
"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.
Last month, Japan became the first of Iran's oil buyers to make a payment for crude imports following the Geneva deal. One source confirmed the Japanese payment was $550 million.
South Korea is set to become the second Asian nation to make a payment to Iran for crude imports under the Geneva deal that has provided Tehran with some sanctions relief, a banking source told Reuters on Feb. 12.