May 23, 2022

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$7b to be transferred to Iran: report

TEHRAN — A senior regional official will travel to Tehran on Tuesday with the goal of finalizing a mechanism to release $7 billion of the Iranian frozen assets, Tasnim reported.

According to the news agency, one of the main goals of the high-ranking regional official’s visit to Tehran is to review the executive mechanism to release Iran’s blocked assets within the framework of a recent agreement.

It is speculated that $7 billion will probably be transferred to the account of the Central Bank of Iran (CBI) in the Central Bank of Oman.

Based on the agreement reached with some countries that are parties to an agreement with Iran, the necessary framework to lift the blockade on a significant portion of the frozen assets of the country has been determined and agreed upon.

Under this agreed framework, the blocked funds must be collected in Iranian accounts within a specified period of time within a few weeks.

The framework to remove the blockade on foreign assets is similar to the one agreed with the United Kingdom, in which a figure of about 390 million pounds was deposited to the accounts of Iran.

Earlier, the British government transferred 390 million pounds of its definite dues to the account of the CBI with the Central Bank of Oman.

The $7 billion will be transferred to Iran’s accounts, which is a sign of the gradual opening of banking restrictions against Iran in a way that has not been the case even after the JCPOA went into effect.

The JCPOA was ditched by the Trump administration in May 2018 in violation of UN Security Council Resolution 2231.

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