Tehran (IP) - The South Korean First Vice Minister of Foreign Affairs says the South Korean government will release Iran's over $7 billion assets blocked in the country.

Iran PressIran News: South Korea imported $7.8 billion worth of oil from Iran in 2017, but it has stopped Iranian purchases since 2019 due to US sanctions that have banned the Islamic Republic of Iran's oil exports, according to the data by the Korea International Trade Association.

In a telephone conversation with Iran's Deputy Foreign Minister for Political Affairs Ali Bagheri Kani on Wednesday, Cho Hyundong said his country was ready to release Iran's assets and resume petro exchanges, after the revival of the Joint Comprehensive Pla of Action (JCPOA).

Sitting on the world's fourth largest oil reserves, Iran had been a key oil supplier to resource-poor South Korea and in turn imported industrial equipment, household appliances, and vehicle parts from Seoul.

Ali Bagheri Kani, for his part, told the Korean diplomat that the Iranian nation and government expected the new administration in South Korea to release the frozen assets, and blocked on the US' order so that the grounds were prepared to improve the ties between Iran and South Korea. 

Cho Hyundong also told the Iranian diplomat that Seoul was seriously trying to find a solution to the problem.

Iran and South Korea plan to hold working-level consultations next month in Seoul to discuss ways to untangle yearslong disputes over Tehran's assets frozen here under US sanctions, Yonhap news agency cites an informed source as saying on Saturday.


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