Iran says no worry over blocked assets

Business Materials 25 July 2015 18:59 (UTC +04:00)

Tehran, Iran, July 25

By Mehdi Sepahvand -- Trend:

The Islamic Republic has no worry over its blocked assets and their release following the removal of sanctions, MP Iraj Nadimi said.

Nadimi, who is the first deputy chairman of the Iranian Parliament's National Security and Foreign Policy Commission, made the remarks in an interview with Trend July 25.

He said that there are four types of frozen assets belonging to Iran.

"One belongs to the private sector and is not related to the government. Its amount is not clear, however," he said.

"The other part is the oil revenue which is no more than seven to eight billion dollars and has been reported by the Central Bank of Iran. The other part is banks, which have branches overseas and their branches will reopen after the sanctions and so, transferring money will be possible after that."

Nadimi further said that the fourth part of the frozen assets is that which has been allocated to financing projects for Iran in countries where the properties are frozen.

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,.

A final agreement was reached on Iran's disputed nuclear program in the Austrian city of Vienna on July 14 after some 22 months of talks between Iran and the P5+1 (five permanent members of the UN Security Council plus Germany. The sanctions are expected to be removed following the deal.