Report: $7bn in Iranian frozen funds likely to be released

A regional official, identified in a Tasnim News Agency report as “possibly Oman’s foreign minister”, will travel to Tehran on Tuesday to finalize the mechanism for the release of seven billion dollars in frozen Iranian assets.

The report said the sum of money will be likely deposited into the account of the Central Bank of Iran with the Central Bank of Oman.

This comes after an agreement with some countries, which have been parties to the contracts with Iran, on the framework for unfreezing a large portion of blocked Iranian assets in other countries.

Based on the agreement, Iran’s frozen assets should be collected in Iranian accounts within a weeks-long timeframe.

According to the report, the framework for the release of Iranian assets is similar to the agreement with Britain for the transfer of some 470 million Euros in Iranian funds.

The amount was Britain’s debt to Iran, which was also transferred to Iran’s account through the Central Bank of Oman.

The report said the release of Iranian funds is a show of gradual removal of restrictions on bank transactions with Iran under the unilateral sanctions of the US

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