Home / World / S. Korea Says Iran Assets to Be Unlocked After Talks with US
S. Korea says Iran assets to be unlocked after talks with US

S. Korea Says Iran Assets to Be Unlocked After Talks with US

SEOUL, South Korea – Iranian assets locked in South Korea will be released after consultations with the United States, the Korean Foreign Ministry said on Tuesday.
“Our government is in talks with Iran on how to use the frozen assets, and the Iranian side has expressed its consent to the proposals we have made,” the South Korean foreign ministry said without providing further details, Yonhap reported.
“The effective release of assets will be through consultations with the countries concerned, including the United States,” he added.
The announcement came after the Central Bank of Iran said it had reached an agreement with South Korea on the release of Iranian assets frozen in the East Asian country.
Governor of the Central Bank of Iran, Abdolnaser Hemmati, and South Korean Ambassador to Tehran, Ryu Jeong-Hyun. held a meeting at the request of the Korean Embassy, reaching agreement on how to release and spend part of Iran’s stranded assets in South Korea, according to the CBI.
He said the two sides had come to an agreement on the transfer of Iranian financial resources to certain destinations, as South Korea was made aware of the CBI’s decisions regarding the volume of transactions and the destination banks.
The South Korean ambassador is said to have expressed Seoul’s readiness to take whatever steps are necessary to use all of Iran’s financial resources in South Korea “without any limit.”
The head of the CBI hailed a change in South Korea’s policy, saying: “Although the Islamic Republic of Iran welcomes a change in the position of countries and increased cooperation, the legal actions of the bank to demand compensation for non-cooperation from Korean banks in recent years will remain in place.”
Iran’s main banker has made it clear that South Korea should make a lot of effort to compensate for the negative stance it has taken in the past.
Since 2019, when the then-US President Donald Trump ended US sanctions waivers for South Korea to buy Iranian oil, Tehran and Seoul disagreed with the latter’s blocking of some $7 billion of Iranian cash.

Check Also

China seeks to raise prices of rare earths

China Seeks to Raise Prices of Rare Earths

BEIJING – Chinese rare earths are undervalued due to fierce competition and face low resource …

Leave a Reply

Your email address will not be published. Required fields are marked *