Iran officially begins legal follow-up over S Korea debt

Addressing the Iranian parliament speaker Mohammad Bagher Ghalibaf in a letter, President Ebrahim Raeisi referred to a governmental bill about the financial dispute with South Korea. 

This bill was approved by the ministers at the cabinet meeting on July 5.

According to the Central Bank of the Islamic Republic of Iran, South Korea’s debt to Iran is estimated to be seven billion dollars for the sale of petrochemical products and oil products, which, were blocked in two Korean banks under the pretext of sanctions.

After the Donald Trump administration withdrew from the JCPOA in 2018, economic sanctions on Iran were re-imposed, leading to the freezing of $7 billion of Iranian money from oil sales in two South Korean banks.

In recent years, several measures have been taken to release Iran’s blocked resources in Korea, but until now, due to some disruptions, Iran’s currency resources in Korea have not been deposited into Iranian bank accounts.


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