NOURNEWS- Although billions of dollars in Iran’s assets that had been blocked in South Korean banks under the US sanctions for years have finally been unfrozen, the Iranian government has decided to continue with legal proceedings to force Seoul to compensate for losses.
The administration of US President Joe Biden announced recently that it has issued a sanctions' waiver for banks to transfer $6 billion of frozen Iranian funds from South Korea to Qatar, paving the way for the release of five Americans imprisoned in Iran.
The decision came after the Iranian administration in July opened formal legal proceedings against South Korea, which had refused to pay off oil debts after all diplomatic efforts.
Although Iran’s frozen assets in South Korea have been released and transferred to Qatar before being wired to the Central Bank of Iran, Tehran is trying to receive compensation from Seoul for the financial losses caused by the blocking of funds for years.
The losses resulting from South Korea’s move to freeze $7 billion in Iranian assets for years totals more than $700 million.
Reports suggest that the government of Iran will press on with its complaint and fight for compensation.
NOURNEWS