Negotiations are reportedly underway in South Korea between officials from Tehran and Seoul on the possibility of resuming oil trade in preparation for a potential US sanctions relief on Iran, Yonhap reported.
South Korea and Iran have held working-level consultations to discuss ways to resolve yearslong disputes over Tehran's frozen assets under US sanctions, Seoul's foreign ministry said Wednesday.
Iranian bankers and officials from the state-run oil company and the petroleum ministry are in the nation to meet with South Korean government and company officials to talk about pending economic issues as multilateral talks to revive the 2015 Iran nuclear deal enter the final stretch.
Bilateral relations remain frayed over US$7 billion in Iranian funds locked in two Korean banks under US sanctions, which were re-imposed after former President Donald Trump in 2018 withdrew from the landmark deal.
Iran, which sits on the world's fourth-largest oil reserves, had been a key oil supplier to South Korea, importing its goods such as industrial equipment, household appliances and vehicle parts.