BAKU, Azerbaijan, June 10. About $3 billion of Iran's assets frozen in Iraq has been unblocked, Iranian co-chairman of the Iran-Iraq Joint Chamber of Commerce, Yahya Al Eshaq said, Trend reports.
According to Al Eshaq, a part of the mentioned money was allocated to Iranian citizens in connection with the Hajj pilgrimage, while another part for the import of essential products.
The official also stressed that the releasing of Iran's frozen assets will have a positive effect on the country's economy. Because as a result of this, the funds needed by the Central Bank of Iran (CBI) have been provided, and essential products will be imported to the country.
As reported, Iran exports gas and electricity to Iraq. However, as a result of the sanctions imposed by the US and Western countries, it cannot directly receive the money for the gas and electricity it exports, and the money is kept as frozen in Iraq. According to the latest information, Iran has $7 billion of frozen funds in Iraq.
On May 8, 2018, the US announced its withdrawal from the Joint Comprehensive Plan of Action (JCPOA) between Iran and the 5+1 group (Russia, China, the UK, France, the US, and Germany), and imposed new sanctions against Iran as of November 2018.
Over the past period, the sanctions affected Iranian oil exports, more than 700 banks, companies, and individuals. The sanctions have resulted in the freezing of Iranian assets abroad.
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