News ID: 280271
Published: 0819 GMT February 02, 2021

Iran, South Korea discuss frozen assets issue

Iran, South Korea discuss frozen assets issue

Senior officials from Iranian and South Korean foreign ministries discussed the issue of releasing Tehran’s frozen money by Seoul in a phone call on Tuesday evening.

Iran’s Deputy Foreign Minister for Political Affairs Abbas Araqchi and his South Korean counterpart Choi Jong-Kun exchanged views on finding effective mechanisms to use Tehran’s frozen assets in the South Korea’s banks, IRNA reported.

The South Korean diplomat reiterated Seoul’s will to solve the problem, stressing that the East Asian country will use all within its power to provide access to the restricted resources.

Several billion dollars of Iran’s money, mostly from oil and gas exports, are held abroad and are difficult to access because of tightening US sanctions on the major oil producer in recent years.

Around $2.7 billion deposited by the Seoul branch of Iran’s Bank Mellat is held by the Bank of Korea, while more than $7 billion worth of Iranian oil money is stuck at the Industrial Bank of Korea and Woori Bank, according to Yonhap News Agency.

South Korea’s refusal to free them has turned to a diplomatic dispute between the two countries.

Resource: IRNA
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