The head of the Iran-South Korea Joint Chamber of Commerce announced a 35 percent increase in exports to South Korea in 11 months (March 21, 2021-February 19, 2022) compared to the corresponding figure of the preceding year.
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.
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.