Iranian funds frozen in Korea to be released Monday, reports say

Iranian funds frozen in Korea due to U.S. sanctions on Tehran will be released Monday, according to media reports.

Some $6 billion in Iranian assets have been frozen at the Industrial Bank of Korea and Woori Bank since September 2019, when U.S. sanction waivers for Korea’s imports of Iranian oil expired.

Although the Korean government has not confirmed the release of the frozen funds, Iranian sources, including its chief banker, have been reportedly saying since last month that all Iranian funds frozen in Korea had been unblocked and would be used for non-sanctioned goods.

The move was reportedly part of an agreement between the United States and Iran to free Americans detained in Iran in exchange for jailed Iranians and Tehran’s access to funds frozen in Korea.

BY ESTHER CHUNG [chung.juhee@joongang.co.kr]