Iranian government will pay $100-$150 million compensation for the downed Ukrainian plane, said deputy chairman of the Central Insurance Organization of the Iran Gulamali Jahangiri.

Axar.az reports citing IRNA.

According to him, compensation will be paid on the basis of an agreement between Iran and Ukraine. If the plane crashed, insurance companies would have to pay compensation. Due to the fact that the plane was shot down, in this case the situation is different.

"The new Boeing 737-800 model costs $100 million. However, a plane shot down in Iran has been used for three years," he said.

The deputy chairman added that approximately $ 70 million will be paid for damage to the plane. "The luggage cost of each passenger, based on estimates by international insurance organizations, is estimated at $1,000-$1,500," he said.

Jahangiri noted that this numeral should be determined by the insurance organization of Ukraine.

According to him, passengers and crew insurance is approximately $24 million.

The Ukrainian International Airlines’ Boeing 737-800 crashed in Tehran province on Jan. 8, killing all 176 people on board.

Iran's Armed Forces General Staff issued a statement on Jan. 11 saying that the aircraft was shot down by the Iranian Air Defense System.