$24 bn of Iran frozen assets to be released in near future

Seven billion dollars of the assets will be released from South Korea and more than 10 billion dollars of it, most of which are related to energy exports, will be released from Iraq, according to ISNA.

Following the visit of the Sultan of Oman to Iran and the visit of the US president’s aide to Oman, it was decided to release the frozen assets in the form of an understanding.

Moreover, following the recent meeting between the Governor of the Central Bank of Iran Mohammad Reza Farzin and the head of the International Monetary Fund Kristalina Georgieva in Washington, it was decided that Iran will be able to access more than $6.7 billion of its special drawing rights.

The bilateral ties between South Korea and Iran frayed in recent years due to Iranian money frozen at two commercial banks in Korea – Woori Bank and the Industrial Bank of Korea – since 2018 when the Donald Trump administration withdrew from the 2015 Iran nuclear deal, the Joint Comprehensive Plan of Action (JCPOA), and reimposed sanctions on Iran afterward. Tehran has long called on Seoul to release the funds.


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