Iran Secures Release of $7 Billion Frozen in South Korean Banks

Central Bank of Iran Governor Mohammad Reza Farzin said Saturday that Iran had secured the release of its funds, amounting to nearly $7 billion, that were frozen in South Korean banks. The funds, initially deposited in South Korean won, lost nearly $1 billion in value due to the depreciation of the won against the US dollar. Farzin said the assets had been converted into euros, with exchange fees paid by an unnamed third country. The funds will be transferred to six Iranian bank accounts in Qatar and earmarked for purchasing nonsanctioned items. The release of assets frozen in other nations is anticipated in the near future. This comes after an announcement from Mohammad Jamshidi, deputy chief of staff for political affairs to Iranian President Ebrahim Raisi, suggesting a potential simultaneous release of US prisoners in Iran and Iranians held in the US, in tandem with the full transfer of the frozen assets.