Iran Expects $7 Billion in Frozen Assets to Be Released Within Weeks

Iran’s Foreign Ministry says that $7 billion in foreign-held assets are going to be unfrozen and returned to Iranian control within a matter of weeks. The money will be put into accounts abroad.

Details are still emerging, but officials say a high-ranking delegation will visit Iran later this week to finalize the deal. Exactly which accounts are being unfrozen is unclear, though this is not the $7 billion that Iran is owed by South Korea.

There had previously been media reports claiming that the South Korea assets could be released as part of an exchange in which Iran would release three prisoners, though Iranian officials denied any development on that matter.

Any release of assets would be a big achievement for Iran, whose economy is struggling mightily under the burden of Western sanctions, and could be used to shore up Iran’s currency.

The timing is also good, coming as Iran was seeking some assurance that sanctions relief would be realized under the nuclear deal. Getting some money ahead of time would go a long way toward building confidence.