Iran’s frozen assets abroad amount to $29B

Business Materials 15 July 2015 17:16 (UTC +04:00)

Baku, Azerbaijan, July 15

By Fatih Karimov - Trend: Iran's frozen assets abroad amount to $29 billion, Iranian Central Bank Governor Valiollah Seif said.

He added that $23 billion of the Central Bank's assets are blocked in Japan, South Korea, and the United Arab Emirates, and $6 billion of petrodollars are blocked in India, Iran's Fars news agency reported July 15.

The blocked assets will be unfrozen after the lifting of the sanctions takes effect, he noted.

He referred to the nuclear deal with world powers, saying that the foreign currency market has been affected by the deal, and it may remain affected in the short-term.

Seif said Iran's banks are to be allowed to reconnect to the Swift financial messaging network.

Swift was forced to take the unprecedented step of cutting off its financial messaging network to Iranian banks subject to European sanctions back in 2012.

A final agreement was reached on Iran's disputed nuclear program in the Austrian city of Vienna on July 24 after some 22 months of talks between Iran and the P5+1 (five permanent members of the UN Security Council plus Germany.

Edited by CN