BAKU, Azerbaijan, August 13. The value of Iran's frozen assets in South Korea due to the US sanctions against Iran has decreased by approximately $1 billion in recent years, Director General of the Central Bank of Iran (CBİ), Mohammad Farzin wrote on his Twitter page, Trend reports.
On May 8, 2018, the US announced its withdrawal from the Joint Comprehensive Plan of Action (JCPOA) between Iran and the 5+1 group (Russia, China, the UK, France, the US, and Germany) and imposed new sanctions against Iran as of November 2018.
Over the past period, the sanctions affected Iranian oil exports and more than 700 banks, companies, and individuals. The sanctions have resulted in the freezing of Iranian assets abroad.
“The decrease was due to the drop in the value of the won, the national currency of South Korea, against the US dollar,” Farzin said.
According to him, till the mentioned time (2018), the value of Iran’s assets was $7 billion, but now it is $6 billion.
The director general also noted that an agreement was reached in the discussions regarding the withdrawal of frozen assets in South Korea. So, those funds will be exchnaged from won to euro and received by the third country. The funds will be transferred to 6 Iranian bank accounts in Qatar.
Farzin said that those funds will be spent on the purchase of products that are not subject to sanctions.
He also pointed out that Iran funds in several other countries will also be available soon.