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The head of the Iran-South Korea Chamber of Commerce said Tehran is in talks with Seoul to barter its frozen oil money in South Korean banks to purchase COVID-19 vaccines and other supplies.
Speaking to the Iranian Labor News Agency(ILNA) on Sunday, Hossein Tanhayi said his organization discussed the frozen funds with Iran’s First Vice President Eshaq Jahangiri, along with ways to barter the money for vaccines and other items.
Tanhayi, however, didn’t specify whether Tehran is looking to import South Korean-manufactured vaccines or have the South Korean banks pay for imports from Europe or China.
The official also listed raw materials, medicine, petrochemicals, auto parts, home appliances and related parts as other prioritized items.
Some seven billion dollars of Iran’s oil money is frozen in two South Korean bank accounts, after the U.S. tightened sanctions on Iran upon its 2018 withdrawal from the Iran nuclear deal, effectively banning Seoul’s indirect trade with Tehran.
