Swiss banks unfreeze Iranian funds

Swiss banks unfreeze Iranian funds

Switzerland released millions of dollars of Iran’s frozen funds in the wake of the removal of anti-Iran sanctions, a Swiss official confirmed.

A spokesperson for Switzerland’s State Secretariat for Economic Affairs said on Sunday that $11.8 million have been unfrozen, reported.

The money had been stopped from leaving Switzerland after being frozen between 2007 and 2012 as part of anti-Iran sanctions.

It belonged to either individuals, companies or government-owned institutions. Around CHF10,000 has not yet been claimed by its owners.

The move came a week after the Joint Comprehensive Plan of Action (JCPOA), a lasting nuclear deal between Iran and the P5+1 – Russia, China, the US, Britain, France and Germany – came into force.

Based on the nuclear deal, reached in July 2015, all nuclear-related sanctions have been removed.