Iran to receive remaining $4.2bln of frozen assets

TEHRAN (FNA)- Iran would receive the remaining $4.2bln of its frozen assets, which was agreed in the Joint Plan of Action (JPA) cut by the country and the six major world powers in November 24, 2013.

Based on the JPA, $11.2bln of Iranian blocked funds should be released in three phases, $4.2bln of which were released in the first phase in eight installments from February 1st to July 20th, the Iranian students’ news agency reported.

$2.8bln of Iranian blocked assets were paid in the second phase in six installments from August 1st to November 23rd, with the last two installments are being paid.

Iran and the Group 5+1 ( five permanent UN Security Council members plus Germany decided to extend the negotiations for another 7 months on November 24. Based on the deal, the remaining $4.2bln of Iranian frozen assets would be released as well.

The final portion would be paid to Iran in six months, with $700mln for each month, although the exact timing is still unclear.

By Fars News Agency

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