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Iran Demands Access to Funds Frozen in South Korean Banks

Iranian Foreign Ministry spokesman Nasser Kanaani on Sunday urged the South Korean government to thaw Tehran’s assets frozen in South Korean banks and repay debts owed to the Islamic Republic without delay or preconditions, the state-run Islamic Republic News Agency reported. Iran has an estimated $7 billion in two South Korean banks. Government officials and banks in South Korea have blocked access to the funds due to a fear of US sanctions. Until 2018, when the Trump Administration pulled out of the 2015 nuclear deal and reimposed sanctions on Tehran, South Korea was one of the largest importers of Iranian crude oil. Kanaani said Seoul had even frozen Iranian assets not subject to US sanctions.