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Iranian news agency Tasnim has gathered that a regional figure, most likely the foreign minister of Oman, would conduct a visit to Tehran on Tuesday to finalize the procedure for the release of $7 billion in Iranian overseas assets that have been frozen due to sanctions.

The sum of $7 billion appears to be remitted to the Central Bank of Iran's account at the Central Bank of Oman.

Iranian Foreign Ministry Spokesperson Saeed Khatibzadeh was asked about the process of settling South Korea's debt to Iran during a press briefing on Monday.

Dismissing media speculation, the official stated that South Korea is unquestionably in debt to 80 million Iranians for the purchase of oil and gas condensates.

“South Korea has not taken any effective measure to repay the debt. This is a bilateral matter and should be settled within a bilateral framework,” he added.

The late US administration, led by President Donald Trump, effectively demolished the Joint Comprehensive Plan of Action (JCPOA) by abandoning it and reinstating the sanctions that the nuclear agreement had lifted, in addition to implementing additional bans under alternative labels.

South Korea and other US allies chose to comply with the infringement by suspending trade with the Islamic Republic and refusing to pay their debts to Iran, which were largely for oil.

Iran has repeatedly demanded the release of its frozen assets in several nations, including $10 billion in South Korea, but Seoul has appealed to Washington for permission to discharge its debt.

Last July, the US Department of State announced that it issued an exemption on some of Iran’s blocked funds in South Korea and Japan to allow them to import oil from Iran.

The waiver, signed by Secretary of State Antony Blinken, allows the transfer of Iranian funds in restricted accounts to exporters in Japan and South Korea.

The waiver allows the Iranian money that had been blocked as a result of the US sanctions to be freed up without violating the law.

The Bank of Korea holds around $2.7 billion deposited by the Seoul branch of Iran's Bank Mellat, while more than $7 billion in Iranian oil money is held by the Industrial Bank of Korea and Woori Bank. The unwillingness of South Korea to release them has resulted in a diplomatic controversy.