Iran discusses frozen assets in South Korea

Business Materials 9 March 2021 14:09 (UTC +04:00)
Iran discusses frozen assets in South Korea

BAKU, Azerbaijan, March. 9


Iran's blocked money in South Korea is not yet to be released despite the agreement reached between the two countries, and on the other hand, a small part of the $ 3.5 billion of Iran's resources in the Iraqi banks is supposed to be used to import of basic goods.

A member of the Iran-Iraq Chamber of Commerce, Hamid Hosseini announced that $ 3 billion of Iranian resources in Iraq, South Korea, and Oman is going to be released soon.

He had previously written on his website that the US government had agreed to release Iranian resources in the Commercial Bank of Iraq.

However, the banking authorities did not confirm the details of this news, Trend reports citing Fars News Agency.

“Iran does not have blocked money in Iraq and Iran's account in this country is not blocked,” a banking source told Fars News Agency. “The main problem in Iraq is the non-cooperation of the Iraqi bank to transfer Iranian money due to the US pressure.”

The source said that the total foreign exchange reserves of Iran banking in the Iraqi Bank are equivalent to $3.5 billion. In addition to this amount, Iraq owes Iran for the export of electricity and gas, which have not yet been transferred to Iran. The source noted that in fact, what has happened in recent weeks is the use of a small portion of these resources to import basic goods.

Regarding the release of Iranian money from South Korea and Oman, the source added that according to the Governor of the Central Bank of Iran, there is no blocked money in Oman and therefore no money.

The sources told Fars News Agency that the status of Iranian blocked money in South Korea has not changed yet.

According to the latest agreements, Iran's blocked money in Korea was to be released in the form of remittances for the import of basic goods, but so far the Korean side has not taken any action to implement the agreement.