News ID: 58585
Published: 0114 GMT December 31, 2014

Iran receives $490mn in frozen oil revenues

Iran receives $490mn in frozen oil revenues

Iran has received another segment of its frozen oil revenues under an interim nuclear deal with the P5+1 group, which allows the partial release of the blocked Iranian funds.

The Central Bank of Iran announced on Wednesday that a total of USD 490 million was transferred to an Iranian account in Oman from South Korea, IRNA reported.

The move came after the latest agreement between Iran and the five permanent members of the UN Security Council- the US, France, Britain, Russia, China - plus Germany to release another USD 4.9 million of Iranian funds held in foreign banks by July 2015.

Tehran and the six countries failed to clinch a final agreement by a November 24 deadline despite making some progress.

However, the two sides agreed to extend their discussions for seven more months until July 1, 2015. They also agreed that the interim deal they had signed in Geneva last November remain in place during the negotiations.

Under the interim deal, Tehran received billions of dollars in frozen oil income in several installments in exchange for limiting certain aspects of its nuclear activities.

   
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Resource: Press TV
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