Iran South Korea

Iran uses released funds in South Korea to settle debts to 40 companies

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.

Macro Economy

South Korea’s PM: Iran’s frozen funds should be "quickly" returned

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.

Trade

South Korea’s prime minister to visit Iran to discuss frozen money

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.

Macro Economy

Iran to receive $1B of blocked money in South Korea via Swiss channel

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.

Macro Economy

South Korea to release $1B of blocked Iranian money

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.

Trade

Iran preparing legal action against South Korea for non-payment

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.

Trade

KOHTA to handle South Korea-Iran humanitarian trade: Envoy

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.

Trade

Tehran, Seoul agree to launch working group on humanitarian trade

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.

Trade

Iran to sue South Korean banks for non-payment

Iran is taking a legal action to force South Korean banks to give Iran access to billions of dollars frozen under U.S. pressure, the Iranian Foreign Ministry announced on Saturday.

Trade

Iran urges South Korean banks to release its $7b oil money

Governor of the Central Bank of Iran called on South Korean banks to release Iran’s oil money frozen under US pressure, warning that the Islamic Republic reserves the right to take legal action under international law.

Trade