Thursday, April 17, 2014

Iran Confirms Receipt of Unfrozen Funds under JPOA

Bankers ‘Astonished’ at Impacts of Sanctions
Central Bank of Iran (CBI) Governor Valiollah Seif said in Tehran that Iran has received $2.55 billion of unfrozen oil funds under the JPOA agreement. The funds have been transferred in five instalments as scheduled to Iranian accounts in Japanese and Swiss banks, Iran’s official news agency IRNA reported today.

Under JPOA, Iran will have access to a total of $4.2 billion in unfrozen funds. The remainder $1.65 billion will be transferred to CBI in three installments in the next three months.

Many organizations whose operations require significant amount of hard foreign currency, from commodity importers to the Quds Force, are lined up to get their share of the unfrozen funds; it would be interesting to observe how the CBI will distribute the funds among them.

Meanwhile, the impacts of international sanctions and Iran’s own experience were discussed by government technocrats and bankers in Tehran during interviews with the Wall Street Journal. They voiced “astonishment” on how much damage the U.S.-led sanctions has had on the Iranian economy.

In today’s post by Jay Solomon on WSJ’s Washington Wire blog, many of the Iranians are reported saying that they initially believed that “a large oil-producing country like Iran would largely be immune to Western financial penalties.” But they said they were mistaken, and they even advised Russia not to be dismissive of the threats of U.S. sanctions over Ukraine.

“The U.S. sanctions are vicious because they largely just targeted our banks,” said a senior Iranian banker. “The Americans essentially forced businesses to choose between doing business in dollars or dealing with Iran. That’s a no-brainer for most.” (WSJ/Washington Wire, 17 April)


Anonymous said...

Look how the Islamic regime have made Iran so "independent" that they wait with a begging bowl to receive a few pennies.

Anonymous said...

It's really amazing to see the U.S. able to exert such complete and total dominance over Iran, without even having to resort to its dominating military. Here Iran has to beg and grovel the U.S. to receive its own money, and a tiny pittance at that. 2 billion dollars is toilet paper for the United States government.

Piruz Mollazadeh said...

Beg and grovel, 5:14AM?? Iran "negotiated" the lifting of sanctions, and in doing so it has internationally legitimized its enrichment program (from which not a single centrifuge was removed) and even Arak. It's Iran vs. a united P5+1 and Iran still manages to keep its rights.

I don't get you anti-IR people sometimes. When the regime doesn't negotiate, you say its ideology gets in the way, but when it does negotiate, you say it is "begging". Maybe you too have an ideology that gets in the way of a sensible assessment.

The IR is an authoritarian regime where democracy is overseen by a theocracy, that's for sure, but the truth is that they don't compromise on Iranian rights and independence. If only such "independence" benefited the people as much as the regime.

Anonymous said...

To both the anons listsed above anon Anon Apr@5:14am, and 7:55pm.

I don't understand your points. Sanctions are serious calamity for any nation! Even Russia is being threatened by sanctions that were announced recently by the west. It's not the 1, 2, 10 billion that is a hardship; it's all the business restrictions and trade sanctions that are difficult to manage :)

Iran has survived all kinds of sanctions for more than 30+ years. Could any other nation have done that? Israel for example? Would it have survived 5-10 years? I don't think so :)

The fact that Iran has survived and even thrived given the circumstances is a testament to their strength and ingenuity :) Few nations could do what they have done ... even so called 1st world western ones :)

The sanctions did little more than make them smarter and stronger. It was hell on the normal people; but, it was good for the government. It was like sending them to the gym and making them workout for 10 hours a day for 30+ years; they have became strong and efficient; someone you don't mess with lightly. In fact, I believe that when Iran's historians in 300 years time look back on today; they will know that the US did them one of the biggest favors in the history of Iran.

The fact that today they got back 2.5 billion dollars instead of 2.5 billion pounds of bombs dropped on their heads is proof of what I stated.

Anonymous said...

Piruz Mollazadeh April 18, 2014 at 1:54 PM
Well said,especially the part about the malcontents hypocritical anti iranian "ideology"

Anonymous said...

Anon 10:49 AM

So you think by being anti IR is being "anti Iranian ideology"?
By your logic being anti-NAZI is being anti-German "ideology",which is sheer ignorance.

Anonymous said...

Piruz Mollazadeh

The IR regime only compromise Iranian people's human rights with their Islamo Fascist barbaric agenda. And at the same time the regime steals tens of billions of dollars a year and send people like Anon 10:49 AM the real resident "malcontent" abroad to garnish sites like Uskowi's with pro-Islamo Fascist diatribes.

Anonymous said...

Anonymous April 19, 2014 at 5:24 PM
"Islamo Fascist barbaric agenda"
"pro-Islamo Fascist diatribes"
The only one spouting diatribes here is yourself,and you might have some more credibility if you didnt use those idiotic american neologisms.Piruz Mollazadeh was right,when it comes to malcontents like yourself it doesnt matter what the iri does you will always find some fault with it

Anonymous said...

Anon 9:18 PM

LOL ! You just don't know when to stop spouting your vexatious diatribes,do you?

It doesn't take a genius to figure what type of sub-human regime is in power in Iran,does it?

Anonymous said...

Given a set of parameters one can argue in favour or against of any outcome. So I guess IMF should adopt this form of solution or diet for any nation in need of money. let us impose sanctions under any regime and see whether they can sink or swim.

Marvellous solution given that the country has been in or more form of sanctions since inception in the name of some ideology that I don't think many people in Iran actually want it (and yes I have been there few times recently, so I have some understanding of what is going on there). These sanctions have enabled a class of people getting very rich at the expense of majority. Example there is no single bank in Iran that can do transactions with other foreign banks. so all the money is handled via sarrafs and other shady characters within the regime hierarchy who have siphoned money out of Iran to Dubai and other places. The average man in the street has to have two jobs at least to make a living. I have come across people who work in the town hall during the day and drive minicabs in the evenings to make end meet. Yes everyone is a liar and anti-Islam or anti-Iran or anti-something.

Let us not forget that these sanctions are their own making. By aligning themselves with the so called Islam and Palestinians they have destroyed further the fabric of the society. According to Government statistics 40% or more of population live under poverty and this guy is claiming Iran is stronger as a result of these sanctions. What a hypocrite!!

Anonymous said...

Anon 2014 at 5:20PM

I agree the man is an imbecile