South Korea and the US are discussing ways to release the $7 billion Iranian funds held in the Asian country, reported Korean Economic Daily on Tuesday.
The report said that the move will help the Korean republic resume its business ties with Iran as well as Biden’s rerun in the US presidential election.
Korean and US government officials are involved in working-level discussions under Washington’s leadership to unfreeze the Iranian funds, the local media quoted diplomatic and government sources in Seoul.
“If all goes to plan, we expect our strained relationship with Iran to improve significantly,” said a Seoul government official.
If talks turn out to be successful, the frozen money will be allowed to be transferred to Iranian bank branches in neighboring Middle Eastern countries, sources said.