What are Iran's blocked resources in Korea and Japan? / Possibility of importing equipment and machinery

What are Iran's blocked resources in Korea and Japan? / Possibility of importing equipment and machinery
  • 2021-07-18
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Iran's blocked resources, which are likely to be released with a 90-day extension of the sanctions waiver, are estimated at about $ 25 billion, according to some informed sources.

According to the International Iranian Stone Exhibition, Iran's blocked resources in other countries of the world, including Korea and Japan, are to be released in Korea and Japan with the extension of the previous exemption for another 90 days, with informed sources amounting to 15 billion. They estimate the dollar.

According to a statement from the State Department to Congress, the sanctions waiver, signed by US Secretary of State Anthony Blinken, "transfers Iranian funds in accounts restricted to exporters in Japan and the Republic of Korea." "It is permissible."

The US State Department said in a statement that the waiver would allow Iranian currency, which had been frozen as a result of US sanctions, to be released without violation of the law.

"Licensing to use these funds to repay exporters in these areas (South Korea and Japan) will help them maintain exports of goods and services to Iran," the State Department told Congress. "And create a constant stimulus in important bilateral relations and reduce Iran's foreign reserves."

The US officials' claim comes as the waiver has been ineffective for the past three months and has not led to the release of Iranian resources.

However, although news sources had stated that the assets blocked at this stage would only be used to import basic goods, an informed source in the banking system now says that resources can also be allocated in exchange for imports of non-essential goods.

He added: "Estimates suggest that up to $ 15 billion in blocked resources will be released; The central bank allocated about $ 9 billion in foreign exchange to basic goods last year.

The official in charge of the banking system says that the financial resources in Korea are about 7 billion dollars, which is due to the sale of oil and gas condensate in Iran during Trump's presidency, which has been blocked in South Korea.

He said that financial resources in Japan also come from the sale of oil and the yen is available, which can be used to buy basic goods and other goods, so the resources will not be limited to basic goods; On the other hand, these resources are located in large and reputable banks in Korea and Japan, and the countries from which Iran is supposed to import goods are accounted for in these banks; So if the government has a precise plan to spend these resources, part of the domestic industry's need for equipment and machinery can certainly be met.