Recover Frozen Funds... Iran "Continues Talks and Negotiations for Sanctions Relief"

Iran announced that it will continue negotiations for sanctions relief after reaching an agreement with the United States to resolve the issue of frozen funds in South Korea.

Hossein Amirabdollahian, the Foreign Minister, explained on the 13th (local time) via X (formerly Twitter) that the recovery of frozen funds is the result of the Iranian government's active diplomatic efforts.

He added, "Since President Raisi's inauguration, Iran has engaged in dynamic diplomatic activities to protect the highest level of national interests and defend the rights of Iranians," emphasizing, "Moreover, we will continue dialogue and negotiations until we achieve the final outcome of lifting the illegal sanctions against Iran and restoring Iran's rights."

Earlier, the United States and Iran reached an agreement to exchange five detainees each from their respective countries and agreed to release Iranian funds frozen in South Korea, as well as in Iraq and Europe.

The Iranian funds frozen in South Korea are payments for Iranian crude oil imports that were held by domestic banks due to U.S. sanctions against Iran under the Trump administration in May 2019. The amount of funds is known to be 7 billion dollars, but Iranian media reported the amount of released frozen funds as 6 billion dollars (approximately 8 trillion won).

Mohammad Reza Farzin, Governor of the Central Bank of Iran, explained that the value of the funds decreased by about 1 billion dollars due to the decline in the Korean won's value against the dollar during the freezing period.