Iran Press/ Iran news: In a letter dated July 22, Iranian President Ebrahim Raisi referred a governmental bill regarding the financial dispute with South Korea to Speaker of the Parliament Mohammad Baqer Qalibaf.
According to the bill ratified by the cabinet of ministers on July 5, the dispute between the Central Bank of the Islamic Republic of Iran and the Government of South Korea will be resolved through arbitration.
South Korea was previously the third-largest customer of Iranian crude oil and the top buyer of Iranian condensate before 2018. However, following the withdrawal of a former US administration from the 2015 nuclear deal and subsequent sanctions on Iran, South Korea has refused to repatriate funds owed for energy imports due to concerns about potential US penalties on its economy.
Unofficial estimates suggest that Iran has over $7 billion worth of funds held in two South Korean banks that it is unable to access. This is because banks and authorities in South Korea are reluctant to process these funds out of fear of facing US penalties.
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