US White House: "Extensive Cooperation with Korean Government on Unfreezing Iranian Funds"

"Frozen Funds Limited to Food and Medical Supplies Purchases... Strict Treasury Standards"

Regarding the release of Iran's frozen funds in South Korea following an agreement between the US and Iranian governments, the White House stated on the 11th (local time) that it had extensively coordinated with the South Korean government in advance. In response to concerns about a potential decline in the value of the Korean won if a large sum is withdrawn in a short period, John Kirby, White House National Security Council (NSC) Coordinator for Strategic Communications, said in an online briefing, "We have broadly coordinated with the South Korean government on this issue," adding, "There are no obstacles to remittances from the South Korean government."

John Kirby, White House National Security Council Strategic Communications Coordinator
Photo by Yonhap News

Earlier, the US and Iran reached a negotiation agreement on the condition of exchanging five detainees each from their respective countries. They agreed to release Iran's frozen funds in Iraq, Europe, and including South Korea. This is expected to resolve the issue of frozen oil payments, which had been an obstacle in Iran-South Korea relations, after 4 years and 3 months.

Coordinator Kirby emphasized regarding the frozen funds, "The funds can only be used for purchasing food, medicine, and medical equipment that cannot be militarily repurposed," adding, "Strict standards will be applied at the level of the US Treasury Department."

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