Azerbaijan to release Iran’s $120m blocked assets

Ardebil, Aug 6, IRNA – Head of the Joint Secretariat of Iran-Azerbaijan Joint Trade and Economic Cooperation Commission Mehdi Mohtashami said Wednesday night that 120 million dollars of Iran’s blocked assets in Azerbaijan will be released.

Mohtashami said in a meeting with traders of Ardebil Province that in a meeting with Azeri delegation in Tehran, the Iranian and Azeri officials agreed on released of part of 500 million dollars of Iran, which remained stagnant in Azerbaijan, to be entered into mutual trade.

Iran has asked the government and the Central Bank of Azerbaijan (CBA) to return the assets of Iranian entities remaining on the accounts of Azerbaijan.

He noted that Iranian and Azeri officials had discussed gas swap to Nakhichevan, especially in the seasons of increase in the production, erecting secondary deposits in Azerbaijan, establishment of join bank and increasing Iran’s Melli Bank activities, joint investment and insurance and guaranteeing capital.