Teheran, Manama start talks on assets, relations

TEHERAN — Iran and Bahrain have started talks on the release of Iran's assets, which are currently frozen in Bahrain, the official news agency IRNA reported on Monday.

"Effective" negotiations were held on the release of Iranian assets on Sunday between the vice-governors of the central banks of Iran and Bahrain prior to a trip by Bahraini Foreign Minister Abdullatif bin Rashid Al Zayani to Teheran, IRNA quoted the Central Bank of Iran as saying.

This is Al Zayani's second visit to Teheran in a month. The first came during the memorial for President Ebrahim Raisi who died in a helicopter crash in May.

During the negotiations, the two sides agreed that the release of Iran's frozen money to take place within a technical framework and with mutual respect.

Exploring ways

The two sides also discussed the primary causes of the issue and explored ways to identify and overcome the obstacles hindering the release of Iran's frozen funds.

The report said the negotiations would continue until the release of the frozen assets.

In July 2021, Bahrain's High Criminal Court issued a verdict to confiscate nearly $1.3 billion worth of Iranian funds in the country based on money laundering charges, which were rejected by Iranian officials.

Earlier in the day, Iran and Bahrain announced in a joint statement that they had agreed to start talks on the resumption of bilateral relations following an eight-year diplomatic freeze, according to the Iranian Foreign Ministry.

"The two parts have agreed to hold technical negotiations to free Iranian funds frozen in Bahrain," Iran's state media said, without elaborating on the timing of the talks or the amounts involved.

Bahrain cut its diplomatic relations with Iran after Saudi Arabia severed diplomatic ties with Teheran following Riyadh's execution of an opposition Shiite cleric and attacks on Saudi diplomatic posts in Iran in 2016.

Iran and Saudi Arabia resumed their diplomatic relations in 2023 in a Chinese-brokered agreement that has shifted regional alliances.

Last month, Bahrain's King Hamad bin Isa Al Khalifa said in a meeting with Russian President Vladimir Putin that there was no reason to postpone the resumption of diplomatic relations between the kingdom and Iran.

Agencies - Xinhua