Iran Chamber of Commerce talks possible release of Iran's frozen assets from Iraq

Business Materials 26 April 2021 10:25 (UTC +04:00)
Iran Chamber of Commerce talks possible release of Iran's frozen assets from Iraq

TEHRAN, Iran, Apr.26


Possible release of Iran's blocked resources from Iraq could increase economic improvement however it requires officials to provide a more transparent explanation about the process of releasing, said a board member of Iran Chamber of Commerce.

Iran's economy was affected by sanctions, Coronavirus, and limitations in foreign currency resources therefore the possible release of the country's blocked resources could be a ray of hope for the economy, said Ali Shariati, Trend reports citing ISNA.

"However there is ambiguity about process of releasing of country's frozen assets and the volume that belongs to the government which should be explained. Various officials that had negotiated about the issue in their visit to Iraq should announce the final result," he said.

"Baghdad has agreed to pay its debt to Iran that definitely has a positive side but the question is whether Iraq returns the frozen assets together at once or if there would be a credit line as one of the options," Shariati noted.

"Release of Iran's frozen assets would help the government and increase the hope to improve economy however if the necessary arrangements are not made for this purpose or conditions are not described precisely, it could create wrong illusion and be harmful to the country," he added.

The secretary-general of Iran-Iraq Joint Chamber of Commerce has recently announced Iran's blocked resources from Iraq would be released soon. Iran's export's revenue have been blocked during past three years in some countries due to US sanctions.