January 7, 2022
1 min read

South Korea and Tehran diplomats discuss frozen assets in Seoul

Iran has around $7 billion in funds frozen at two South Korean banks – the Industrial Bank of Korea and Woori Bank; and Tehran has demanded the release of the funds…reports Asian Lite News

On the sidelines of the ongoing negotiations in Vienna to restore the 2015 Iran nuclear deal, senior diplomats of South Korea and Tehran discussed frozen assets of the Islamic Republic in Seoul, the Foreign Ministry here said on Friday.

Seoul’s First Vice Foreign Minister Choi Jong-kun met with his Iranian counterpart, Ali Bagheri Kani, in the Austrian capital on Thursday, reports Yonhap News Agency.

South Korea is not directly involved in the nuclear negotiations, but it has been closely watching relevant developments amid prolonged standoffs with Iran over the frozen assets.

During the meeting, Choi expressed hope for an early agreement on the nuclear deal, formally known as the Joint Comprehensive Plan of Action (JCPOA), ditched by the former US President Donald Trump’s administration in 2018, and the two sides shared the understanding that Tehran’s frozen assets should be released soon, according to the Ministry.

The two sides also agreed to push for working-level consultations on details related to a money transferring process, the Ministry said.

ALSO READ: Iran’s top negotiator: Nuclear talks in Vienna onward, positive

Iran has around $7 billion in funds frozen at two South Korean banks – the Industrial Bank of Korea and Woori Bank; and Tehran has demanded the release of the funds.

The fate of the frozen assets apparently depends on the negotiations between Iran and the world powers because it needs the approval of the US Treasury Department’s Office of Foreign Assets Control to be released, according to Seoul officials.

On Wednesday, US State Department spokesperson Ned Price said the sanctions relief issue was at the heart of the ongoing talks and that “nothing is agreed until everything is agreed”.

Previous Story

New Covid cases cross 1 lakh mark, Omicron count at 3000

Next Story

Israel to lift travel ban

Latest from Arab News

Virgin Atlantic Launches Heathrow–Riyadh Route

With Riyadh rapidly evolving into a dynamic hub for commerce, tourism, and cultural exploration, the new route strengthens the city’s position as a gateway to the Kingdom’s diverse offerings King Khalid International

Modi Strengthens Defence, Energy Ties in Saudi

Both sides agreed to hold the next Strategic Partnership Council meeting at a mutually convenient date….reports Asian Lite News India and Saudi Arabia have expanded their bilateral Strategic Partnership Council by adding

Muslim World League Condemns Terror in Pahalgam

Prime Minister Modi commended the firm stand of the Muslim World League against extremism, terrorism and violence….reports Asian Lite News The Muslim World League has condemned the horrific terror attack in Pahalgam,

Pahalgam attack: Modi Cancels Saudi Plans

Sources said that the Prime Minister also skipped the official dinner hosted by Saudi Arabia and has decided to cut short his visit…reports Asian Lite News Prime Minister Narendra Modi will shorten

Modi Begins Saudi Visit

This will be Prime Minister Modi’s first visit to the historic city of Jeddah where the second meeting of the Strategic Partnership Council (SPC) will also take place…reports Asian Lite News Prime
Go toTop

Don't Miss

South Korea President to embark on Middle East trip this week

Moon and Sisi are expected to discuss ways to further

Tehran, Moscow cement economic ties

Iran and Russia, both under sanctions imposed by the US,