Tehran May Get $7bn in Unfrozen Funds

Date: 11 April 2022 - 21:42

News ID: ۱۰۱۵۰۹

TEHRAN – A high-ranking regional official will visit Tehran on April 12 to finalize arrangements for the release of $7 billion in Iran’s assets, which might be transferred to the Central Bank of Iran’s account in Oman.
The foreign minister of Oman will pay a visit to Tehran on Tuesday in order to finalize the mechanism for the release of $7 billion in the foreign assets of Iran that have been blocked under the sanctions.
It appears that the sum of $7 billion will be probably remitted to the Central Bank of Iran’s account in the Central Bank of Oman.
Speaking to reporters at a press conference on Monday, Iranian Foreign Ministry Spokesperson Saeed Khatibzadeh was asked about the process of settlement of South Korea’s debt to Iran.
Dismissing the media speculations about the issue, the spokesman said South Korea is definitely in debt to 80 million Iranian people for the purchase of oil and gas condensates.
“South Korea has not taken any effective measure to repay the debt. This is a bilateral matter and should be settled within a bilateral framework,” he added.
The former U.S. administration under president Donald Trump all but wrecked the Joint Comprehensive Plan of Action (JCPOA) after he abandoned it and restored the sanctions which the nuclear agreement had removed besides imposing new bans under different labels.
South Korea and other U.S. allies opted to comply with the violation as they stopped trade with the Islamic Republic and refused to pay their debts, mostly oil money, to Iran.
Iran has repeatedly demanded the release of its frozen assets in several countries, including some $10 billion in South Korea, but Seoul has looked at Washington for a permit to repay its debt.
About $2.7 billion deposited by the Seoul branch of Iran’s Bank Mellat is held by the Bank of Korea, while more than $7 billion worth of Iranian oil money is stuck at the Industrial Bank of Korea and Woori Bank. South Korea’s refusal to free them has caused a diplomatic spat.