Iran says safeguards included in US memorandum on release of frozen assets

Iranian Central Bank Governor Abdolnasser Hemmati said Tuesday provisions related to the release of Iran’s frozen assets under the proposed memorandum of understanding with the United States were designed to ensure access to the funds.

Speaking to Tasnim news agency, Hemmati said lessons from previous agreements and experiences had been taken into account when drafting the asset-release provisions.

He said the memorandum clearly defines US obligations regarding the release of Iranian assets and includes mechanisms intended to make those commitments enforceable.

“Like any international agreement, the final assessment will depend on implementation and the necessary verification process,” Hemmati said.

The central bank chief added that once the memorandum is signed and enters into force, technical and banking procedures will be carried out to verify both the release of the assets and Iran’s practical ability to access and use them.

Hemmati said the released funds would remain assets of the Central Bank of Iran and that decisions regarding their management, allocation and use would be made by the bank in accordance with legal authorities, economic conditions and the country’s foreign-exchange priorities.

Iranian and US officials are expected to sign the memorandum in Switzerland on Friday following recent negotiations aimed at ending months of regional conflict and easing tensions between the two countries.