Iran poised to unblock $30B in frozen assets overseas

Published January 13th, 2016 - 02:00 GMT

As the prospects for the removal of sanctions against Iran loom large, the country says it has already started to prepare to embrace what it says will be a series of positive developments for its economy.

Valiollah Seif, the governor of the Central Bank of Iran (CBI), has been quoted by the media as saying that the CBI has started the proceedings for the much-awaited unfreezing of a total of around $30 billion that belong to Iran but have been blocked in overseas banks as a result of the sanctions. 

Seif said the money could be made available to the CBI as early as next week.  

He further added that unfreezing the dollars to Iran as well as the opening of blocked banking channels will be positive news for Iran and will accordingly show its effects on the Iranian economy. 

Iran and the P5+1 group of countries – the five permanent members of the Security Council plus Germany – reached a deal last July based on which Iran will restrict certain aspects of its nuclear energy program in return for the removal of certain nuclear-related economic sanctions against the country.

A key juncture over the implementation of the deal was an acknowledgement by the International Atomic Energy Agency (IAEA) that it would close the so-called case on the possible military dimensions (PMD) of Iran’s nuclear energy program.  The IAEA made the acknowledgement last December and said it had found no irregularities as per the Iranian PMD thus paving the way for the removal of the sanctions against the country by the P5+1. 

US Secretary of State John Kerry said the removal of Iran sanctions is “only days away”. 

 


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