Thursday, February 22, 2024

Report: Iranian assets in South Korea to be released in exchange for release of American prisoners in Iran

Iranian media are reporting intensive negotiations with the US through a regional mediary to pave the way for the release of billions of dollars of Iranian assets blocked in other countries in exchange for the release of American prisoners in Iran.

The process is reportedly independent of the negotiations for the revival of the 2015 nuclear deal, which have hit an impasse over what Iran says is Washington’s failure to make the required political decision on Tehran’s demands.

Based on the media reports, the Iranian assets are now on the verge of being freed with the transfer of the Iranian money awaiting an agreement on what bank accounts it will be deposited into.

The focus on the negotiations has been reportedly the Iranian funds frozen in South Korea due to US sanctions on Iran.

Seoul has blocked nearly $8bn in Iranian oil money in its banks since the US withdrawal from the nuclear deal in 2018 and the re-imposition of anti-Tehran sanctions.

Tehran has repeatedly pushed Seoul to release the funds but the process has been hampered by the US one way or another.

The Iranian foreign ministry has earlier talked about the release of Iranian assets in South Korea as a goodwill gesture by the US before a deal for the revival of the nuclear agreement could be reached.

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