S. Korea, Iran Engaged in Working-Level Talks on Resolving Frozen Assets

General

Seoul and Tehran are holding working-level consultations seeking ways to resolve the issue of Iranian assets frozen in South Korea under U.S. sanctions.

According to the Ministry of Foreign Affairs, government officials from the two nations were joined by company representatives and bankers from Iran in Seoul. The two-day discussions will continue through Wednesday.

Last month, Seoul and Tehran agreed to launch a working-level dialogue on the sidelines of multilateral talks in Vienna to restore the 2015 Joint Comprehensive Plan of Action(JCPOA) on Iran's nuclear program.

About seven billion dollars worth of Iranian assets remain frozen in two South Korean banks under sanctions imposed by the U.S. following its withdrawal from the JCPOA at the behest of previous President Donald Trump in 2018.

While the participants likely discussed ways to return the Iranian funds once the asset freeze is lifted by the U.S., the ministry said they also exchanged views on resuming oil trade in preparation for the potential suspension of sanctions.

Source: KBS World Radio