Tuesday, February 23, 2021

Seoul and Tehran agree to transfer the frozen funds


Iran and South Korea announced that they had reached an agreement to transfer Iranian funds frozen in Seoul, which are estimated at $ 7 billion.

Today, Monday, the official Iranian Radio and Television Agency reported that the Governor of the Central Bank of Iran, Abdel Nasser Hemmati, and South Korea’s ambassador to Tehran, Kim Ho, agreed on how to transfer and use Tehran part of its frozen financial resources in South Korea.

She added that the Iranian side clarified, during a meeting with the Korean ambassador, the method of transferring Iranian financial resources frozen in Seoul to the intended destinations that Tehran wants, and the size of the transferred resources and the intended banks that Tehran wants to transfer its funds to from South Korea have been set.

It quoted South Korea’s Ambassador to Tehran Kim Ho, saying: “Our country is ready to take all necessary measures to use all Iranian banking resources in South Korea, and there are no restrictions in this regard.”

The frozen figures for Tehran in South Korea are about $ 7 billion, due to the sanctions imposed on Tehran by the United States of America.

The Iranian Revolutionary Guards detained the tanker MT Hancock Chimi “near the Strait of Hormuz. Iran has denied allegations that the tanker has been held hostage, saying that it is Seoul that is holding Iran’s money hostage”.

Earlier this month, South Korean News Agency (Yonhap) quoted a Foreign Ministry official as confirming that Seoul is about to end talks with Washington, regarding the use of some Iranian funds frozen in South Korea due to US sanctions, in order to pay Iran’s late dues to the United Nations.

Relations between Tehran and Seoul have witnessed noticeable tension, due to South Korea’s reluctance to transfer an amount of 7.6 trillion South Korean won (about $ 7 billion) to Iran, which represents the remainder of the price of oil shipments, due to US sanctions.

According to press reports, the South Korean government deposited money in two South Korean banks years ago, but it was not transferred to the Central Bank of Iran due to the US sanctions on Iran, which were reimposed by former US President Donald Trump after announcing, in May 2018, that his country was withdrawing from the special agreement. Of Iran’s nuclear program.

Tehran estimates its total funds withheld abroad at around $ 100 billion, of which 35 billion are in European banks.





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