Azerbaijan to Unfreeze $ 120 Million out of $ 500 Million of Iranian Assets

The head of the secretariat of the Iran-Azerbaijan joint commission on trade and economic cooperation, Mehdi Mohtashami said that $ 120 million of blocked assets of Iran in Azerbaijan will be released, the Iranian agency Mehr.

"At a meeting with the Azerbaijani delegation in Tehran, the two countries agreed to release part of the 500 million dollars of assets of Iran, which will focus on the development of mutual trade," said Mohtashami at the August 7 meeting with traders in the Ardebil province.

Earlier, after the agreement with the West over its nuclear program, Iran asked the government and the Central Bank of Azerbaijan (CBA) to return the assets of Iranian individuals frozen in bank accounts in Azerbaijan. The funds were frozen in the framework of international financial sanctions against Iran.

Iran is ready to invest in the supply of gas to the Nakhchivan Autonomous Republic of Azerbaijan, increase the production and development of secondary fields in Azerbaijan, establishment of a joint bank and the expansion of Bank Melli Iran in Baku, joint investments and insurance. All of these issues, as well as guarantees for the protection of capital, were discussed during the visit of the Minister of Economy of Azerbaijan Shahin Mustafayev to Tehran this week. -0--