Iranian, South Korean top diplomats discuss transfer of frozen funds to Tehran

ANKARA (AA) – South Korea and Iran discussed the release and transfer of frozen funds to Tehran during a phone call between their top diplomats, according to an official statement.

The development follows recent reports that Iran and the US reached an agreement for the release of American citizens in exchange for the release of Iran’s frozen assets.

During the phone conversation on Monday, South Korean Foreign Minister Park Jin told his Iranian counterpart Hossein Amir-Abdollahian that his country is making efforts to transfer frozen Iranian funds with the clear understanding that the assets in question belong to Iranian people, Seoul-based Yonhap News reported, citing the Foreign Ministry statement.

“South Korea was moving forward to resolve the pending issue through close communications with relevant nations,” Park was quoted as saying in the statement.

He was referring to $6 billion that had been frozen in South Korea after the previous US administration of Donald Trump withdrew unilaterally from the 2015 Iran nuclear deal in May 2018.

Last month, the Iranian Foreign Ministry confirmed a prisoner swap agreement with the US, bringing two years of negotiations to an end, with each side releasing five prisoners.

It stated that Tehran has received a “necessary guarantee” for Washington’s “commitment in this regard,” referring to the release of approximately $10 billion in funds blocked in South Korea and Iraq.

According to officials cited by Iran’s state media, the American prisoners will be freed from Evin Prison “within the framework of an agreement mediated by a third country” and only after funds are transferred to Iranian bank accounts in Qatar.

However, the White House later said there would be restrictions on how Iran intends to use the funds, with spokesman John Kirby adding that the US would have “full visibility” into where they are directed and used.