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.

The removal of the sanctions has cleared the way for unblocking billions of dollars that had been frozen in overseas banks.

The exact amount of Iranian assets frozen in banks is not known with figures varying from around $30 billion to as high as $100 billion. 

Major sums are believed to be held in banks in China, South Korea and India, mostly over previous oil purchases those countries have carried out with Iran.   

/SR