South Korea agrees to transfer of Iran's frozen assets

Business Materials 22 February 2021 14:08 (UTC +04:00)
South Korea agrees to transfer of Iran's frozen assets

BAKU, Azerbaijan, Feb. 22


Governor of the Central Bank of Iran Abdolnasser Hemmati and Ambassador of South Korea to Iran Ryu Jeong-Hyun, held a meeting at the request of the South Korean Embassy, Trend reports via the Central Bank's statement.

The two sides agreed to have South Korea allow transferring and spending part of Iran's frozen assets in South Korea.

During the meeting, necessary agreements were made regarding the transfer of Iranian resources to the desired destinations.

The CBI announced its decision on volume of transferring resources and destination banks to the Korean side, said the statement.

Welcoming the change in the approach of South Korea, Hemmati said that Iran will follow up on the legal pursuits to claim retribution for damages due to non-cooperation of Korean banks in recent years.

Some $7 billion Iran's oil revenues have been frozen in two South Korean banks since September 2019, when the US sanctions waiver for South Korea's imports of Iranian oil expired.