News ID: 58638
Published: 0654 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 permits the partial release of blocked Iranian funds.

 

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

The move came following the agreement on November 24 between Iran and the five permanent members of the UN Security Council — the US, France, Britain, Russia, China — plus Germany to release another $4.9 billion of Iranian funds held in foreign banks until July 2015.

In agreeing to extend the existing interim agreement until July 1, 2015, Iran assured itself of a continuation of the sanctions relief that had brought it $700 million a month in the frozen funds.

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

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

   
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