Iran's deputy FM says release of $12 billion in frozen assets has begun

Iran’s Deputy Foreign Minister Kazem Gharibabadi said a series of measures involving sanctions relief, frozen assets, and regional maritime security arrangements are advancing following recent diplomatic understandings.

Speaking to Iranian media, Gharibabadi said the United States has issued a general license permitting the sale of Iranian oil and petrochemical products. He said the authorisation was published on the website of the U.S. Office of Foreign Assets Control (OFAC), part of the U.S. Treasury Department.

He also stated that implementation is beginning on an agreement to release $12 billion in frozen Iranian assets, to be transferred in two tranches of $6 billion each.

According to the deputy foreign minister, additional arrangements have been approved, including a mechanism for the “safe passage of ships through the Strait of Hormuz,” as well as the establishment of a “conflict prevention unit” in Lebanon, with the participation of Pakistan and Qatar.

Gharibabadi further said that four working groups have been formed to address sanctions termination, nuclear issues, reconstruction and economic development, and monitoring and implementation.

By Sabina Mammadli