South Korea agrees to partial release of blocked Iranian money

South Korea’s move comes after the US reversed two Trump-era moves against Iran.

Tehran, Iran – South Korea has agreed to release “a part” of billions of dollars of Iranian money it had blocked in its banks for years because of United States sanctions. In a statement, the Central Bank of Iran (CBI) said South Korean Ambassador to Tehran Ryu Jeong-hyun announced the news in a meeting his embassy called for. “In this meeting, necessary agreements were made on how the resources will be transferred to desired destinations and the central bank’s decision on the volume of resources to be transferred and destination banks were relayed,” the statement said, without mentioning the amount that will be released.