Iran May Pay $200M from Sovereign Fund for Downed Ukrainian Airliner

  • Our Bureau
  • 10:17 AM, November 26, 2020
  • 1507
Iran May Pay $200M from Sovereign Fund for Downed Ukrainian Airliner
Wreckage of the ill-fated Ukrainian Airlines' Boeing 737-800 plane near Tehran

Iran may draw $200 million from its sovereign wealth fund to pay compensation for the Ukrainian airliner that it shot down accidently in January.

The semi-official ISNA news agency reported that Iranian authorities had proposed to tap the National Development Fund of Iran (NDFI) to utilize for compensation. Iran’s sovereign wealth fund was founded in 2011 to supplement the Oil Stabilization Fund. It was established to transform oil and gas revenues to productive investment for future generation. NDFI is independent of the government's budget.

If approved by Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei, its details will be decided taking Iran’s budget bill into consideration, the report said.

The airplane was downed by Iranian air defenses amid tension with the U.S. over its assassination of top general Qasem Soleimani. All 176 people onboard the aircraft were killed in the accident.

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