Iranian vice-president: some $35 billion of Iranian frozen assets return to country through financing

Baku, Azerbaijan, Jan. 9

By Umid Niayesh - Trend:

Some $35 billion of Iranian frozen assets will return to the country through financing national projects, Iranian Vice-President for Planning and Strategic Supervision, Mohammad-Baqer Nobakht said, Mehr news agency reported on Jan. 9.

Up to $15.5 billion of the assets will be used for financing national projects, Nobakht said, adding that administrative procedures have been exhausted and the Economic Council also has confirmed the financing.

He also invited Iranian engineering companies to participate in the projects.

Iran is not able to transfer its exported oil money into the country due to international sanctions.

The U.S. and EU imposed sanctions targeted at the Iranian national currency the rial as well as the country's bank system.

There is no concrete figure for the amount of Iran's frozen assets abroad. Head of the Majlis Research Center Kazem Jalali said on August 2, 2013 that some $60 billion worth of Iranian assets were blocked by foreign banks.

In turn, AP reported on October 18, 2013 that Iran's assets are estimated to be between $50 billion to $75 billion.

In tandem with Speaker Ali Larijani's visit to China in October 2013, Nobakht said the country's $22 billion worth of assets has been blocked in China.

Iranian media outlets quoted Larijani as saying he has negotiated with Chinese officials to finance some $20 billion in development projects in Iran using oil money not transferred to the Islamic Republic because of international sanctions.

Some $15 billion of Iran's petrodollars are reportedly frozen in India, Japan and the South Korea.

Edited by C.N.