Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Lebanese Ministry of Health: Final toll from airstrike on car in Zebdine, Nabatieh District: Two martyrs, four injured
Egyptian media: Indirect talks between Hamas and Israelis begin in Sharm el-Sheikh.
AFP: France's new PM Sebastein Lecornu resigns just hours after unveiling cabinet.
Trump: Technical teams will meet again on Monday in Egypt to discuss and clarify the final details, and the first phase is scheduled to be completed this week
US President Donald Trump: Talks with Hamas have been very successful and are moving at a rapid pace
Local sources in Aleppo: Violent clashes erupt between the SDF and factions affiliated with the transitional authority on the Deir Hafer and Tishrin Dam fronts in the eastern Aleppo countryside
Israeli media: Interceptor missiles fired in an attempt to shoot down the drone
IOF Spokesperson: Sirens sounded amid suspected "enemy aircraft" infiltrating the Eilat area
Israeli media: "Israel" won the battle but lost the war strategically and politically
Israeli media: Ben Gurion Airport's airspace closed to air traffic following missile launch from Yemen

Release of South Korea-held Iranian funds underway: MoFA

  • By Al Mayadeen English
  • Source: News websites
  • 11 Aug 2023 12:34
3 Min Read

Tehran announces the progress of releasing its unlawfully held funds in South Korea.

  • x
  • The Iranian Ministry of Foreign Affairs. (MehrNews)
    The Iranian Ministry of Foreign Affairs. (File photo)

Tehran has confirmed that the process of releasing the $6 billion worth of Iranian funds, which have been unlawfully held in South Korea due to US sanctions, is currently in progress.

The Iranian Foreign Ministry issued a statement on Thursday in response to widespread media reports about a potential prisoner swap agreement between Iran and the US, which includes the release of these funds.

The statement assured that Iran has received adequate guarantees for the US's commitment to fulfilling its obligations regarding the funds. The ministry emphasized that the release of these funds has always been a priority and that they had been unlawfully blocked due to concerns from overseas banks related to US sanctions.

Read next: $7 bln in Iranian funds could be freed following prisoner release

Reports indicate that the release of these funds is part of a broader prisoner exchange deal between Iran and the US, where both sides would release several detainees held by each other.

In addition to the fund release, the Foreign Ministry has been actively pursuing the release of Iranian prisoners as part of its inherent duties. These prisoners were arrested under the pretext of violating US sanctions and have been held in US prisons.

Related News

White House concerned about unfolding domestic terrorism conspiracy

Von der Leyen faces no-confidence vote for 'surrendering Europe' to US

The statement affirmed that the release of these prisoners is imminent and noted that those designated for release by the US are still on Iranian soil. However, reports suggest that the release of the detainees is contingent upon the transfer of Iranian funds to specific accounts designated by Iran.

Iran's Deputy Foreign Minister, Ali Bagheri Kani, also confirmed through a tweet on Thursday that the process of releasing the funds is underway and that the impending release of Iranians detained by the US will occur within the same framework.

The process of releasing billions of dollars of Iranian assets, illegally seized by the U.S. for several years, has commenced. Tehran has received the guarantee of Washington's commitments. The release of several Iranians who were illegally detained in America is in this context. https://t.co/2hH8B2k8A8

— علی باقری‌Ú©Ù†ÛŒ (@Bagheri_Kani) August 10, 2023

What's behind S. Korea and the frozen funds?

Iranian officials have over and over again said the South Korean government was obliged to unfreeze the country's funds, stressing that unilateral sanctions from the United States could not justify Seoul's inaction in repaying its debts to Tehran.

Iran and South Korea had previously agreed to use the funds for the latter to purchase humanitarian items from Iran, which was later prevented due to pressure by Washington.

Seoul's illegal compliance with the unilateral sanctions was met with restrictions on imports from South Korea as a retaliatory measure.

Seoul did circumvent the sanctions in early 2022, however, paying $18 million in frozen Iranian funds to pay Tehran's UN dues and restore the country's voting rights.

The US Department of State announced last year that it had issued an exemption to some of Iran's blocked funds in South Korea and Japan, allowing them to import Iranian oil. The waiver, signed by Secretary of State Antony Blinken, allows the "transfer of Iranian funds in restricted accounts to exporters in Japan and the Republic of Korea."

  • United States
  • frozen assets
  • South Korea
  • Iran

Most Read

Iraq at a crossroads: A new war front?

Iraq at a crossroads: A new war front?

  • West Asia
  • 30 Sep 2025
A Hamas fighter in combat fatigues stands before the ceremony for the handover of Israeli captives to the Red Cross in Nuseirat, central Gaza Strip, Saturday, February 22, 2025 (AP)

Hamas responds to Trump plan, backs Gaza withdrawal, exchange

  • Politics
  • 3 Oct 2025
Tucker Carlson speaks at a memorial for Charlie Kirk, Sunday, September 21, 2025, at State Farm Stadium in Glendale, Arizona (AP)

Tucker Carlson: Israeli officers gave orders on Iran inside Pentagon

  • Politics
  • 2 Oct 2025
ap

'Israel' pays influencers $7K per post to whitewash Gaza genocide

  • Politics
  • 1 Oct 2025

Coverage

All
War on Gaza

Read Next

All
Hezbollah's representative in Iran, Sayyed Abdullah Safieddine, during an interview with Al Mayadeen which aired on October 6, 2025 (Al Mayadeen)
Politics

Tehran never interferes in Hezbollah decisions: Representative in Iran

Smoke billows over the Gaza Strip following an Israeli bombardment, as seen from southern Palestine, Sunday, Oct. 5, 2025. (AP)
Politics

Indirect talks for a ceasefire in Gaza begin in Sharm El-Sheikh: Egypt

Fighters from the Syrian Democratic Forces (SDF) prepare to attend a military parad in Qamishli, northeastern Syria, Tuesday, August 12, 2025 (AP)
Politics

Security forces seal Aleppo’s Sheikh Maqsoud, Ashrafieh districts

Amsterdam Captain Mohammed Ali Mohiuddin, who took part in the Global Sumud mission to Gaza, talks to Al Mayadeen on October 6, 2025 (Screengrab)
Politics

GSF captain says despite abuse, 'Israel weaker than spider's web'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS