Azerbaijan releases Iran’s frozen assets

Iran says it has gained access to $400 million of its assets that had been frozen in Azerbaijan. Iran’s Ambassador to Baku Mohsen Pak Ayeen has been quoted by the media as saying that the measure has been taken by International Bank of Azerbaijan.

Pak Ayeen added that this came in line with the implementation of the Joint Comprehensive Plan of Action between Iran and the P5+1 – the five permanent members of the Security Council plus Germany.  

The assets belonged to the Naftiran Intertrade Company (NICO) and the Central Bank of Iran, the envoy added.

Pak Ayeen further noted that bilateral ties between Baku and Tehran, particularly economic ties have improved after the JCPOA became effective this January. 

The nuclear deal has also contributed to settling legal disagreements between Iranian and Azerbaijani traders, the media have quoted the ambassador as saying. 

Elaborating on friendly ties between Tehran and Baku, Pak Ayeen announced that Azerbaijan is likely to ease visa requirements for Iranian citizens within the next couple of months, News.Az reported.

Iran saw a series of draconian economic sanctions lifted in mid-January when the JCPOA was eventually implemented.

SS