Iran, which seized a Korean ship, demands "Return $7 billion frozen by US sanctions"

Iran Foreign Ministry "Hopes Frozen Assets Will Be Returned"
Regarding Ship Seizure, "Must Follow Domestic Judicial Procedures"

Government delegation leader Ko Kyung-seok, Director of the Africa and Middle East Bureau (left), and members are departing from Incheon International Airport on the night of the 6th to negotiate the early release of Korean vessels and crew detained in Iran. (Photo by Yonhap News)

[Asia Economy Reporter Moon Jiwon] Iran, which seized the South Korean chemical tanker Korea Chemieho, has once again urged the return of $7 billion (approximately 7.6 trillion KRW) frozen in South Korea due to U.S. sanctions.

On the 11th (local time), according to Iran's semi-official Mehr News Agency, Saeed Khatibzadeh, spokesperson for the Iranian Ministry of Foreign Affairs, mentioned the arrival of the South Korean delegation led by Choi Jong-geon, First Vice Minister of Foreign Affairs, at a press briefing and said, "We hope the frozen assets will be returned promptly."

He added that Mohammad Javad Zarif, Iran's Foreign Minister, is scheduled to hold talks with the South Korean delegation in the afternoon regarding the frozen assets in South Korea and the seizure of Korea Chemieho.

Regarding the Korea Chemieho seized by the Islamic Revolutionary Guard Corps (IRGC), Iran maintained its position that it must follow the country's judicial procedures due to "technical issues."

In response to the French government's call for the release of Korea Chemieho, Iran rebutted, citing "technical issues." Spokesperson Khatibzadeh stated, "We demand that France respect international law," and added, "The Korean vessel was seized in the Gulf region (Persian Gulf) under a court order due to marine environmental pollution."

Earlier, on the 4th, the IRGC seized Korea Chemieho in the Gulf region on charges of marine pollution. The shipowner, DM Shipping, has completely denied the allegations of marine pollution.

It is presumed that Iran's reason for seizing Korea Chemieho is to recover the $7 billion of Iranian funds frozen in South Korea.

In 2010, Iran opened won-denominated accounts at IBK Industrial Bank and Woori Bank under the name of the Central Bank of Iran and received payments for crude oil exports through these accounts.

However, in 2018, the U.S. government placed the Central Bank of Iran on the sanctions list, halting transactions through these accounts. Since then, the Iranian government has demanded the release of these frozen funds.

There are 20 people on board Korea Chemieho, including five South Koreans, and they are reportedly staying inside the vessel, which is detained at Bandar Abbas port.

This content was produced with the assistance of AI translation services.