Iran will have nearly $24 billion of its frozen funds released soon
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24 billion dollars in blocked Iranian assets will be freed from Iraq and South Korea in the near future.
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The Iranian flag flies in Tehran, Iran, on March 31, 2020 (AP)
Twenty-four billion dollars are scheduled to be soon unfrozen for Iran from Iraq and South Korea in the near future following the visit of the Sultan of Oman to the country, as reported by ISNA.
Sultan Haitham bin Tarik met with Iranian President Ebrahim Raisi and other senior officials in Tehran in late May.
South Korea will release $7 billion in assets, while Iraq will free more than $10 billion in assets, the most related to oil exports.
Following the visit of the Sultan of Oman to Iran and the visit of the US President's aide to Oman, it was decided to release the frozen assets in the form of an understanding with Iran, ISNA said.
Furthermore, it was announced that Iran will be allowed to access more than $6.7 billion of its special drawing rights following a recent meeting in Washington between the Governor of the Central Bank of Iran, Mohammad Reza Farzin, and the head of the International Monetary Fund, Kristalina Georgieva.
In March, the UN International Court of Justice (ICJ) ruled that the partial freeze of Iranian assets by the US is illegal and that the US is now required to pay compensation for the consequences and violations of international obligations.
Kirill Gevorgian, vice-president of the court, stated how the US has effectively violated its commitments under the Treaty of Amity, Economic Relations, and Consular Rights of 1955 with Iran, now becoming obliged to pay Iran.
