Economy, Business And Markets

Azeri Bank Unblocks $400m in NICO Assets

Azeri Bank Unblocks $400m in NICO AssetsAzeri Bank Unblocks $400m in NICO Assets

Iran has gained access to $400m in frozen assets in a bank in Azerbaijan, an Azeri news agency reported.

Iran’s Ambassador to Azerbaijan Mohsen Pakayeen said that after the implementation of the Joint Comprehensive Plan of Action (JCPOA), the International Bank of Azerbaijan unblocked Iran's frozen assets, reported.

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

Pakayeen noted that ties between Baku and Tehran, particularly economic relations, have improved following the implementation of the historic nuclear agreement.

The nuclear deal has also contributed to settling legal disputes  between Iranian and Azeri traders, the ambassador said.

Elaborating on the friendly ties between the two Caspian neighbors,  Pakayeen said Azerbaijan is likely to ease visa requirements for Iranians wanting to  visit the Caucasian state.

On President Hassan Rouhani’s upcoming visit to Baku for talks with his Azeri and Russian counterparts, the ambassador voiced Iran’s readiness to help settle the Nagorno-Karabakh conflict.

The conflict between the two South Caucasus countries began in 1988 and as a result of the ensuing war in 1992 Armenian armed forces occupied the Karabakh region and seven surrounding districts. A 1994 ceasefire agreement was followed by peace negotiations.