BAKU, Azerbaijan, May 30. South Korea and the US are discussing the unblocking of $7 billion of frozen Iranian assets in South Korean banks, Trend reports.
If all goes according to plan, South Korea's relations with Iran could improve remarkably.
It is added that if a result is reached in the discussions, the frozen funds of Iran will be transferred to a branch of Iranian banks in one of Iran's neighboring countries in the Middle East. Those funds will not be transferred directly to Iran and the use of the funds will be monitored.
On May 8, 2018, the US announced its withdrawal from the Joint Comprehensive Plan of Action (JCPOA) between Iran and the 5+1 group (Russia, China, the UK, France, the US, and Germany), and imposed new sanctions against Iran as of November 2018.
Over the past period, the sanctions affected Iranian oil exports, more than 700 banks, companies, and individuals. The sanctions have resulted in the freezing of Iranian assets abroad.