A portion of the proceeds from sales of Iranian oil was stored in banks of China, India, Japan and other countries, but they cannot be used. Now these assets are unlocked, the press Secretary of the Iranian government Mohammad backer Nobakht.
MOSCOW, 1 Feb. Iran has gained access to previously frozen assets worth more than 100 billion dollars after the removal of country sanctions in January, said in an interview with the Iranian channel Al-Alam spokesman of the Iranian government Mohammad backer Nobakht.
“These assets were fully unlocked, we can use them,” said Nobakht.
According to the Agency ISNA, most of the money from sales of Iranian oil was stored in banks of China, India, Japan, South Korea and Turkey in the last few years. These States temporarily blocked the funds in connection with imposed on Iran, sanctions that prevented Iran to transfer these funds into the country.
To transfer funds to Tehran it was necessary to use foreign banks, however, they could not carry out transfer operations because Iran was cut off from the international system of Bank SWIFT communications and relationships.
According to the Agency, nine Iranian banks can re-join SWIFT on Monday.
The Agency notes that a large part of these funds will not be transferred to Iran, as the authorities realize that such a sudden influx of money can cause inflationary effects in the economy.
Iran 16 January got rid of the majority imposed on the country of sanctions — on this day, the IAEA presented a report confirming the readiness of the authorities to implement it through a long negotiation program by a significant reduction in nuclear capabilities. Later the EU and the US confirmed the removal from Iran of economic and financial sanctions related to its nuclear program.
The lifting of the sanctions on Iran, in particular, re-opened for the country’s access to international banking system that will allow Iran to buy abroad previously unavailable goods, such as airplanes, cars, industrial equipment and medications.