Iran’s frozen funds released, to be transferred via banking channel
Iran’s nearly $7 billion that was frozen in South Korea is reportedly released and to be soon transferred via a dedicated banking channel.
Mohammad Reza Farzin, the governor of the Central Bank of Iran (CBI), tweeted on Saturday that all of Iran’s assets blocked in South Korea were released and will be used in the form of banking payment to purchase non-sanctioned goods and commodities, according to Fars news agency.
“I take this opportunity to thank the currency diplomacy team of the country for their success in unfreezing Iran’s assets. Undoubtedly, what has been obtained is beyond the estimations and, of course, this trend will continue,” the CBI governor wrote.
Farzin reiterated that Iran’s frozen assets had been deposited in South Korean banks in the form of won (the national currency of South Korea) during the late 1990s, and the total sum has accrued no interest since then. “Nearly $1 billion of the asset faced a decrease in parity value due to the decrease in the parity of won to the dollar,” he added.
The CBI governor announced that the released assets will soon be deposited into the accounts of six Iranian banks in Qatar.
A statement issued by the Iranian Foreign Ministry on Friday stressed that Iran has received the necessary guarantees from the US that it will honor its commitment under the deal on frozen funds.
It also said that Iran will determine how to use these assets to meet various needs of the country.
New banking channel
Qatari Minister of State Mohammed al-Khulaifi stated on Friday that the ongoing negotiations between the US and Iran regarding a prisoner exchange and the release of frozen Iranian funds include the establishment of a banking channel.
Al-Khulaifi added that the banking channel would address several agreed-upon matters among the parties, without specifying the nature of these issues, Asharq Al-Awsat reported.
Iranian officials have stipulated that the transfer of frozen Iranian assets in South Korea to foreign bank accounts is a prerequisite for the release of the five American detainees.
In press statements, al-Khulaifi clarified that the agreement was preceded by intensive visits by Qatari officials to both Washington and Tehran.
He emphasized that Doha has played a “central and fundamental role” in facilitating negotiations and dialogue between the two parties.
Furthermore, Al Khulaifi expressed optimism that this move would be followed by further steps towards reconciliation, affirming that his country will spare no effort in making additional endeavors to bridge the perspectives between the parties.
The Qatari official stated his hope that the Washington-Tehran agreement would lead to broader understandings, including a return to the “nuclear deal”.
Tehran never left
talks
Highlighting Iran’s uninterrupted efforts to nullify the illegal sanctions, Iranian Foreign Minister Hossein Amir-Abdollahian stressed that Tehran has not backed out of negotiations and diplomacy.
In a post on his account on X — the social media site formerly known as Twitter — Amir-Abdollahian said the incumbent administration has focused on dynamic diplomacy to fulfill Iran’s national interests since it took office in August 2021, Tasnim news agency wrote.
The foreign minister underlined that Iran has never abandoned the course of negotiations and diplomacy, but it has simultaneously proceeded with efforts to neutralize the illegal sanctions.
“The efforts will go on until the achievement of ultimate results and the complete fulfillment of Iran’s rights,” he stated.
The ministry emphasized that releasing the funds has consistently been on its agenda, noting that these funds were “illegally blocked” under the pretext of “overseas banks’ concerns about the oppressive sanctions of the United States”.