Iran Pays Off UN Contributions In Arrears Using Frozen Assets

Over 7 billion dollars worth of Iranian assets are said to have been frozen in South Korean banks following U.S. sanctions on Tehran.

By
Angel Gimalo
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In this Saturday, April 4, 2015 photo, Iranian and U.S. banknotes are on display at a currency exchange shop in downtown Tehran, Iran. Should Iran reach a final nuclear accord with world powers that loosens sanctions, the economic opening could give moderates a major boost ahead of crucial parliamentary elections next February. (AP Photo/Vahid Salemi)

Iran has paid off its UN contributions in arrears worth some 16 million U.S. dollars using part of its frozen assets in South Korea.

Diplomatic sources say the IBK, a South Korean bank, was able to send the money following a license granted by the U.S. Treasury Department.

Over 7 billion dollars worth of Iranian assets are said to have been frozen in South Korean banks following U.S. sanctions on Tehran.

The UN confirmed on Friday that Iran regained its vote in the General Assembly which was suspended because of the dues in arrears.

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