Iran, South Korea to hold talks next month over frozen funds: Report

Officials from Iran and South Korea will hold direct talks next month to discuss how Seoul will repatriate nearly $8 billion in Iranian funds blocked in South Korea under American pressure, according to a report published by South Korea’s official Yonhap news agency.

The Saturday report by Yonhap quoted remarks by a South Korean source speaking on condition of anonymity which showed that working-level talks between Iranian and South Korean officials will focus on the payment method that Seoul will use to repatriate the Iranian funds.

The source said that the talks could also entail discussions on South Korea’s plans to resume crude oil imports from Iran.

“The working groups are expected to mainly discuss details of the payment method of the Iranian assets if the US grants sanctions relief … They could talk further on the possibility of resuming oil imports from Iran once sanctions are lifted,” the source was quoted as saying.

The remarks come as Iran and world powers are reportedly close to reaching an agreement on how to revive the 2015 international deal on Iran’s nuclear program, which is known as the JCPOA.

South Korea gets US approval to pay Iranian investor: Report

South Korea has obtained US approval for compensating Iranian investor.

The deal almost unraveled after Washington pulled out of it in 2018 and imposed sanctions on Iran.

South Korea was a major buyer of Iranian crude oil before the American sanctions were imposed. However, the country has failed to settle payments related to its oil purchases from Iran in 2017, citing the fear of penalties that can arise from violating the American sanctions.

Iranian authorities have rejected South Korea’s pretext for failing to repatriate the funds, saying Seoul must pay regardless of what happens to JCPOA revival talks or face lawsuits in international courts.

The Yonhap report said that talks planned for next month will also include discussions about the possibility that efforts to revive the JCPOA will fail.

The report said the Iranian funds that have remained inaccessible in two South Korean banks for the past years amount to $7.8 billion.

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