Release of frozen funds in S. Korea depends on U.S election

Hossein Tanhaei said in an exclusive interview with ILNA news agency that we are negotiating and no action has been taken yet; Adding that “The Central Bank of Iran and the Central Bank of South Korea are trying to unblock part of Iran’s frozen money.”

“Undoubtedly, it depends on the outcome of the US election, and both countries are waiting for the announcement of the US election results,” he confirmed.

Regarding the exact amount of assets frozen in Korean bank, Tanhaei said “Different amounts are announced, but what we know is $8.5 billion.”

Tanhaei noted that in the past some South Korean officials had attempted to return Iran’s money in a way but their efforts have not born fruits yet and for this reason, the chamber avoided announcing any useless delight to the people and it has tried to inform them based on the facts and realities.

On the possible bartering goods in exchange for unblocking Iran assets, he said Iran had earlier proposed bartering goods, and bartering goods like foodstuff and medicines are Iran’s priorities and then goods like petrochemicals, home appliances, and vehicles would be other options.

Trade relations between Iran and South Korea have sharply declined under the U.S. pressures.

Also in May, the Iranian Foreign Ministry had said that preliminary steps were taken to set up a channel to allow Iran to use its funds in South Korea to buy humanitarian goods. Weeks later South Korea’s Foreign Ministry said Seoul was sending $500,000 worth of medicine to Iran.