Iran to receive remaining $4.2 billion of blocked funds
ISNA - Iranian Students' News Agency
Tue 25 Nov 2014 - 11:39
TEHRAN (ISNA)- Iran would receive the remaining $4.2 billion of its frozen assets, obtained by crude revenues, following extension of negotiations between the country and the five permanent members of the UN Security Council plus Germany.
Based on Geneva Deal, $11.2 billion of Iranian blocked funds has to be released in three phases. $4.2 billion of which were released in the first phase in eight installments from February 1st to July 20th.
$2.8 billion of Iranian blocked assets were paid in the second phase in six installments from August 1st to November 23rd, with the last two installments are being paid.
Iran and the five permanent members of the UN Security Council plus Germany (known as G5+1) decided to extend the negotiations for another 7 months as they last met in Vienna on November 24. Based on the deal, the remaining $4.2 billion of Iranian frozen assets would be released as well.
The final portion would be paid to Iran in six months, with $700 million for each month, although the exact timing is still unclear.
Based on the Geneva interim agreement signed between Iran and the six countries on 24 November 2013, officially titled the Joint Plan of Action, the West has to release the whole $11.2 billion of Iranian funds.
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