Iran's USD 3.5 billion of assets unfrozen in first 3 months of new administration
Nov 12, 2021
Tehran [Iran], November 12 (ANI/Xinhua): More than USD 3.5 billion of Iran's assets have been unfrozen in fewer than 100 days after the inauguration of the administration of President Ebrahim Raisi, Managing Director of the Islamic Republic News Agency (IRNA) Ali Naderi said on Friday.
A significant portion of these assets are being transferred to the Iranian trade sector, Naderi said, as quoted by IRNA.
The United States and its allies have imposed several rounds of crippling economic sanctions on Iran over the past 40 years due to Iran's nuclear program. In 2015, Iran signed the nuclear deal with the P5+1 group -- the United States, China, France, Russia, the United Kingdom, and Germany, as well as the European Union. It required Tehran to scale back its nuclear program and drastically reduce its uranium reserves in exchange for sanctions relief, including the lifting of an arms embargo five years after the deal was made.
In 2018, the US abandoned its conciliatory stance, withdrawing from the JCPOA and taking up hardline policies against Iran, prompting the latter to largely abandon its own obligations under the accord.
Following the imposition of the United States' sanctions in recent years, billions of Iranian assets have been frozen in other countries' banks and financial institutions. (ANI/Xinhua)
