Iran, S. Korea Discuss Releasing Frozen Funds, Resuming Oil Trade

South Korea’s Ministry of Foreign Affairs said that they have had a meeting with the Iranian delegation in Seoul to explore ways to release Iran’s funds frozen in the country due to sanctions.
Seoul and Tehran are holding working-level consultations seeking ways to resolve the issue of Iranian assets frozen in South Korea due to US sanctions, South Korean KBS news agency reported.
South Korea’s Ministry of Foreign Affairs have said that government officials from Iran and South Korea were joined by Iranian company representatives and bankers in Seoul for the two-day discussions, according to the outlet.
Last month, Seoul and Tehran agreed to launch a working-level dialog on the sidelines of multilateral talks in Vienna to restore the 2015 Joint Comprehensive Plan of Action (JCPOA) on Iran’s nuclear program.
About seven billion dollars worth of Iranian assets remain frozen in two South Korean banks due to sanctions imposed by the US following its withdrawal from the JCPOA in 2018.
While the participants likely discussed ways to return the Iranian funds once the asset freeze is lifted by the US, as said by KBS, South Korea’s Foreign Ministry said they also exchanged views on resuming oil trade in preparation for the potential suspension of sanctions.

About Parvin Faghfouri Azar

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