Frozen Assets to Be Released in Jan.

Frozen Assets to Be Released in Jan.Frozen Assets to Be Released in Jan.

A senior Foreign Ministry official said the comprehensive nuclear deal finalized between Tehran and major powers in July will immediately lift the sanctions on the country’s oil sales and help release frozen overseas assets in January.

Deputy Foreign Minister Abbas Araqchi also said on Monday Iran’s assets blocked in foreign banks will be released in early or mid-January.

The implementation of the nuclear accord between Iran and P5+1 (Russia, China, the US, Britain and France, plus Germany) will place time-bound restrictions on Tehran’s nuclear program in exchange for sanctions relief.

“Once the pact comes into force, sanctions restricting Iran’s banking transactions will be terminated,” he said.

“The nuclear deal will also enable Iran to sell its crude and have free access to its petrodollars.”

Earlier this month, President Hassan Rouhani announced that the anti-Iran sanctions would be terminated in the current Iranian month that began on Dec. 22.