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Iran, South Korea to Resume Trade Transactions

Head of the Iran-South Korea Joint Chamber of Commerce Hossein Tanhayee announced that Tehran and Seoul are determined to resume trade cooperation.

“South Korean officials and economic activists had more visits to Iran in recent days,” Tanhayee said.

He pointed out that big companies in South Korea had announced their readiness to rejoin Iran’s trade list.”

In relevant remarks in late April, Tanhayee said that Seoul had released $30mln of Iranian funds that were blocked in the country due to alleged concerns about US sanctions, for the purchase of medicine and vaccine.

Tanhayee said that only $30mln worth of Iranian funds in South Korea have been released for purchase of coronavirus vaccines and other medications.

He added that South Korea had promised as part of an agreement with Iranian government in February to help release at least $1 billion from around $7 billion of funds that have remained blocked in two South Korean banks since 2018.

“It had been agreed that $1 billion from the debt of this country be paid to Iran in cash but the agreement has yet to be implemented,” Tanhayee said.

He expressed hope that South Korea would start implementing the agreement on return of $1 billion of Iranian funds.

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