Iran, South Korea discuss detailed payment options on frozen funds: Report

Senior officials from South Korea and Iran have held talks on how Seoul can repatriate around $7.8 billion worth of Iranian funds frozen in the country under the American pressure, shows a report.

The Wednesday report by South Korea’s official Yonhap news agency said that Iranian bankers and Oil Ministry officials had been in Seoul for two days of talks starting Tuesday that mostly covered discussions about the frozen funds and a potential resumption of South Korea’s oil imports from Iran.

The report said officials from the two countries had discussed “detailed payment options” on funds that have remained blocked in two South Korean banks since 2018 when the United States imposed unilateral sanctions on Iran.

It was not clear from the report and other sources whether the talks had resulted in a solution on the thorny issue of blocked funds which has affected ties between Iran and South Korea for more than three years.

Iran, South Korea to hold talks next month over frozen funds: Report

A South Korean source says officials from Seoul and Tehran will hold talks on frozen funds next month.

South Korea has become more active in trying to repatriate the funds since a new round of talks began between Iran and world powers in Vienna late last year with the aim of reviving an international deal on Tehran's nuclear program.

Iranian authorities have welcomed Seoul’s efforts but they insist that returning the funds should not be tied to the outcome of talks in Vienna.

Iran was the largest supplier of oil and condensates to South Korea before the US sanctions were enacted. The blocked funds are related to shipments delivered to South Korean refiners in 2017.

South Korea’s ambassador to Iran Yun Kang-hyeon said in late December that his country is eagerly waiting to resume oil imports from Iran, adding that refiners in the country have had major difficulties replacing Iranian oil shipments with other crude grades in recent years.

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