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Iran Central Bank gets two portions of frozen assets

By | Last updated: May 15, 2014 - 6:39:22 PM

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The Central Bank of Iran says the fourth and fifth installments of the $4.2-billion blocked funds that were promised as part of an interim nuclear deal between Iran and six world powers have been transferred to its designated account.

The Public Relations Department of the Central Bank of Iran said on Thursday the fourth and fifth portions of payment for Iran crude oil exports totaling USD 1 billion have been deposited into the bank’s account in the Central Bank of the United Arab Emirates.

On April 18, Iran’s Deputy Foreign Minister for Legal and International Affairs Seyyed Abbas Araqchi said the fifth portion of Iran’s frozen oil revenues had been released.

The remarks came a day after US Department of State spokeswoman, Marie Harf, announced that Washington had taken steps to release the USD 450 million after the International Atomic Energy Agency (IAEA) announced that Iran remains in line with its commitments.

The IAEA confirmed in its monthly report on April 17 that Tehran has fulfilled all its contractual obligations so far.

Out of the USD 4.2 billion of the frozen Iranian oil revenues that are to return to Tehran under the November 2013 deal, USD 2.55 billion has been deposited to the Central Bank of Iran account so far.

Iran and the five permanent members of the UN Security Council - the United States, China, Russia, France and Britain - plus Germany reached an interim nuclear deal in the Swiss city of Geneva on November 24, 2013.

Under the deal, Iran agreed to limit certain aspects of its nuclear activities as a confidence-building measure, and the world powers undertook to provide Iran with some sanctions relief.