President of Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA) Gholam Hossein Shafei and South Korean Ambassador to Iran Yun Kang-hyeon meet in ICCIMA headquarters in Tehran on August 25, 2021.
President of Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA) Gholam Hossein Shafei said on Wednesday that South Korea had to seek ways to compensate the damages caused by following the US sanctions against Tehran.
A South Korean newspaper report says funds belonging to Iran and frozen in two bank accounts in the country have been used to pay back debts to dozens of companies who had exported goods and services to Iran before the country came under US sanctions in 2018.
South Korea’s Prime Minister Chung Sye-kyun said Monday South Korea should "quickly" return $7 billion in frozen funds to Iran in the latest diplomatic gesture to resolve the impasse between the two sides.
South Korean Prime Minister Chung Sye-Kyun will pay an official visit to Tehran to discuss bilateral issues, particularly the release of billions of dollars of Iranian funds frozen by Seoul as a result of US sanctions.
Washington has agreed “in principle” on the partial transfer of Iranian funds held by South Korean banks under US sanctions to Switzerland, South Korea’s official KBS World Radio station cited a senior foreign ministry official as saying.
An Iranian government spokesperson on Tuesday said that South Korea will be releasing $1 billion in frozen assets as an “initial step” in resolving a dispute between the two countries.
The Central Bank of Iran (CBI) is preparing to lodge an official complaint against South Korea, says a report, as Seoul refuses to return Iranian funds blocked in the country allegedly to comply with US sanctions on Tehran.
Ambassador of the Republic of Korea to Tehran Ryu Jeong-hyun has explained the mechanisms established by Seoul for conducting humanitarian trade with Iran amid the United States’ sanctions. KOHTA which stands for the Korean Humanitarian Trade Arrangement is going to replace the pilot mechanism which is called the GL8.
South Korea and Iran have agreed to launch a working group on expanding humanitarian trade as part of efforts to maintain bilateral partnership within the scope of a US-approved sanctions exemption, a source close to the matter said.