Iran's frozen assets

Iran's frozen assets in international accounts is calculated to be $100[1][2]-$120 billion.[3][4] Almost $1.973 billion of Iran's assets are frozen in the United States.[5] According to the Congressional Research Service in addition to the moneys locked up in foreign bank accounts, Iran's frozen assets contain real estate and other property. The estimated value of Iran's real estate in the US and their accumulated rent is $50 million.[1] Besides the assets frozen in the United States, some parts of Iran's assets are frozen around the world by United Nations.[1]

Background

Iran's assets were first frozen by president Jimmy Carter in 1979, after revolutionaries overthrew the U.S. allied Mohammad Reza Shah Pahlavi's administration and took American hostages. Many of the assets were then unfrozen by 1981 after the Algiers Accords was signed and the hostage crisis was ended. At the time of the 1979 revolution, the Pentagon re-sold some $400 million in Iranian military equipment already paid by the deposed government and the money was "placed in an escrow account".[1]

Much of the frozen cash includes Iran's income from selling a limited amount of oil prior to the lifting of the sanctions, when Iran could legally sell oil but could not transport the money because it was illegal under U.S. sanctions.[2]

After nuclear negotioations

Some pages of the JCPOA were dedicated to the listing of the individuals and entities whose assets would be unfrozen.[1] According to Nader Habibi, a professor of economics at Brandeis University, JCPOA will lead to release of only about $30 billion worth of assets and a similar figure, — about $32 billion, was estimated by Valiollah Seif, Iran's central bank chief.[2]

2016 seizure of Iran's assets

The US Supreme Court supported the Congress and President Barack Obama’s accusing Iran "financially responsible for the 1983 bombing that killed 241 Marines at their barracks in the Lebanese capital, Beirut." Families of the Marines and victims of other attacks that courts have linked to Iran are allowed under the court's law to seize some $2 billion in assets held in New York’s Citibank, belonging to the Central Bank of Iran. Iran president, Hassan Rouhani, called the action "Blatant Robbery".[6]

In response to Zarif's letter to Ban Ki-moon, UN Secretary General showed willingness to help resolve the dispute between Iran and US provided that both parties request for UN brokering.[7]

See also

References

  1. 1 2 3 4 5 Garver, Rob. "Here's what's in Iran's $100 billion in assets that will become unfrozen by the nuclear deal". Business Insider. Retrieved 27 April 2016.
  2. 1 2 3 Pearce, Matt. "Where are Iran's billions in frozen assets, and how soon will it get them back?". Los Angles Times. Retrieved 30 April 2016.
  3. ↑ Rothkopf, David. "Iran’s $300 Billion Shakedown". Foreign Policy. Retrieved 28 April 2016.
  4. ↑ Khajehpour, Bijan (26 May 2015). "What will happen once Iran's assets are unfrozen?". Al-Monitor. Retrieved 28 April 2016.
  5. ↑ Clawson, Patrick. "Iran's 'Frozen' Assets: Exaggeration on Both Sides of the Debate". Washington Institute. Retrieved 27 April 2016.
  6. ↑ Staff writers. "Tasnim News Agency - President Rouhani Calls US Seizure of Iran’s Assets ‘Blatant Robbery’". Tasnim News Agency. Retrieved 28 April 2016.
  7. ↑ Staff writers. "PressTV-UN steps in assets row if US asks too". www.presstv.ir. Retrieved 30 April 2016.
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