South Korea could pay Iran’s debt in won: Businessman
An Iranian businessman says South Korea could pay part of its multi-billion dollar debt to Iran in its won currency after reports suggested that the East Asian country may soon start repatriating the funds to Iran under an understanding with the United States.
Hossein Tanhayi, who chairs Iran-South Korea Joint Chamber of Commerce, said on Wednesday that based on recent negotiations between the two countries, Iran could use part of its frozen funds in South Korea to buy essential goods, especially medical products, in won from suppliers in the same country.
Iran has more than $7 billion worth of funds in South Korea that it is unable to access mainly because of US sanctions.
A recent report by the Korea Economic Daily quoted sources as saying that South Korea and the United States are discussing ways to release the Iranian funds as Seoul and Washington seek to improve economic and diplomatic relations with Tehran.
The report said that under a new mechanism, the funds could be transferred from two South Korean banks, where they have remained blocked for more than five years, to bank branches in Iran’s neighboring Middle Eastern countries.
Tanhayi said that he had received no information on the reports, calling them mere speculations.
Iran reports slight increase in mining sector exports in April-October
Immunity of Iran’s shipping industry to illegal sanctions
Iran parliament committee approves to lower car import tariffs
Hezbollah rains attack drones down on elite Israeli brigade
Leader: All captains of criminal, Zionist, terrorist gang must be prosecuted
Iran further raises its oil prices for Chinese buyers: Report
Iran to launch major pressure-boosting projects in South Pars
VIDEO | Escalation amid ceasefire talks
EU's Borrell says ICC arrest warrants for Israeli leaders binding
VIDEO | Press TV's News Headlines
VIDEO | Massacre in Pakistan’s Parachinar sparks outrage
PressTV NEWSLETTER
now
This makes it easy to access the Press TV website
