Iran receives two new oil payments

The Central Bank of Iran has announced that two new payments of frozen oil funds have been transferred to the CBI's account.

The fourth and fifth installment of payment for crude oil exports totaling $1 billion, have been transferred to the Iranian Central Bank's account in the UAE' s Central Bank and are accessible, the Public relations department of the CBI said, Iran's official IRNA news agency reported on May 8.

On April 17, Reuters reported that Japan has made two more payments to Iran for crude imports which were scheduled under the Geneva nuclear deal. The payments totaled $1 billion, with one installment of $550 million due on April 10 and the remainder on April 15, according to a schedule for the transfers on a U.S. Treasury fact sheet.

Iran has received some $2.55 billion of its frozen oil funds in total including the two recent payments.

There were four payments of the oil funds from Japan, and South Korea has made the other payment.

Under a six-month interim deal between Iran and the P5+1(the five permanent UN Security Council members plus Germany) which took effect on Jan. 20, Iran won access to $4.2 billion of its oil revenues frozen abroad by eight money-transfer schedules through July if it carried out its part of the deal to curb its nuclear program.

The first $550 million transferred on Feb. 1, and followed by other installments of $450 million and $550 million on March 1 and 7 respectively.

The next three installments of $550 million each will be transferred on May 14, June 17 and July 20 respectively. (Trend)