"Frozen Funds in Korea to Enter Iran," Announces Iranian Foreign Ministry

"US and Prisoners Exchange Underway... 5 Each"

On the 18th (local time), major foreign media reported that Iran's oil export payments, which had been frozen in South Korean banks due to U.S. sanctions, will be returned to Iran.

Nasser Kanani, spokesperson for the Iranian Ministry of Foreign Affairs, stated that "the Iranian funds frozen in South Korea were transferred to Qatar today," adding, "Today, a prisoner swap with the U.S. is taking place, involving the exchange of 5 Iranian detainees for 5 American detainees."

The accounts under the name of the Central Bank of Iran at Woori Bank and IBK Industrial Bank were frozen as a consequence of the U.S. withdrawal from the Iran nuclear deal during the Trump administration. The amount is known to be approximately 6 billion USD (about 8 trillion KRW).

Last month, the U.S. and Iran agreed to release the frozen Iranian funds in South Korea in exchange for a prisoner swap.

The White House announced on the 10th (local time) that five Americans imprisoned in Iranian prisons have been placed under house arrest. Iran agreed to ultimately release them on the condition of unfreezing its funds tied up in South Korea. The photo shows a mural near Georgetown, Washington, D.C., dated July 20, 2022, depicting Siamak Namazi (left), who has been detained in Iran since 2015. [Image source=Yonhap News]

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