Iran receives $6.1 billion in frozen oil revenues

Iran has so far received a total of USD 6.1 billion in frozen oil revenues thanks to an interim nuclear deal between the Islamic Republic and the P5+1 group of world powers, which allows the partial release of the blocked Iranian funds.

Iran and the five permanent members of the UN Security Council- the US, France, Britain, Russia, China - plus Germany reached a deal on the Islamic Republic’s nuclear energy program on November 24, 2013 in the Swiss city of Geneva. The deal took effect on January 20 and expired six months later.

Under the interim deal, Tehran received USD 4.2 billion in frozen oil income in eight installments in exchange for limiting certain aspects of its nuclear activities.

Following a later agreement by the two sides to extend the talks, it was decided that Iran, in six more payments, be granted access to another USD 2.8 billion of its funds held in foreign banks.

Of the USD 2.8 billion, 1.9 billion dollars has so far been freed up in four tranches and deposited with the Central Bank of Iran (CBI).

Meanwhile, India said on Wednesday that it paid Iran USD 500 million to clear part of its oil dues to the Islamic Republic.

However, ISNA reported on Friday that Iran is yet to receive a fifth payment of USD 500 million, which was scheduled to be deposited into the CBI’s account on November 3. The country is to receive the final batch worth USD 400 million by November 23, a day before the expiry of the renewed deadline between Tehran and the six world powers.    

With the completion of the oil due payments, Iran will have recovered as much as USD 7 billion of its oil revenues.