Iran says South Korea could release ‘Iranian funds’

Iran’s Fars News Agency reported on Tuesday that South Korea’s Foreign Minister has said that efforts are ongoing to “transfer Iranian funds that were blocked in South Korea are continuing.”

Iran has in the past targeted South Korean ships, and in early August, a deal by Iran to reportedly release several people it had detained was linked to Iran’s demands to unfreeze billions in assets.

Now South Korea foreign minister Park Jin said these efforts are proceeding. Reports from Asharq al-Awsat and other media said that Park told Iranian Foreign Minister Hossein Amir-Abdollahian that the countries are in communication to solve the issue.

“Park and the Iranian foreign minister agreed to expand cooperation between the two countries, The United States and Iran reached an agreement last month for the release of five US citizens detained in Iran while $6 billion of Iranian assets in South Korea would be unfrozen,” Reuters said. The assets have been moved to Switzerland.

Iran expecting further cooperation from South Korea

South Korea has also been elected to the UN Security Council as one of its non-permanent members, according to reports. Iran apparently expects additional cooperation with South Korea now.

Any deal with South Korea will be very important for Iran. It wants those billions unfrozen to help the economy at home and to buy non-sanctioned goods abroad. Iran is also looking to increase defense exports and imports.