7 billion dollars frozen in Korean banks

TEHRAN (Iran News) – Kamal Kharrazi made the remarks in a meeting with South Korean Deputy Foreign Minister Choi Jong-Kun on Monday. He further stressed the significance of relations between Tehran and Seoul and expressed hope that both countries adopt necessary measures to expand bilateral ties.

Kharrazi strongly criticized Seoul’s approach regarding US sanctions against Tehran and noted that 7 billion dollars of Iranian financial resources have been taken hostage by Korean banks, adding that Iran is not even able to use the resources to buy medicine.

He went on to say that sanctions have made Iran self-sufficient in many fields including the production of household appliances and Korean companies have missed good opportunities in Iran.

According to Kharrazi, the seizure of the tanker is not a political issue and is solely a technical and legal matter and the case has been handed to the judiciary for further investigation.

Heading a high-ranking delegation, the South Korean diplomat arrived in Tehran on Sunday.

The diplomat will reportedly join a working delegation that arrived in Tehran earlier on Thursday to negotiate with the Iranian authorities for the release of the Korean sailors and the detained ship, Yonhap news agency reported.

However, Iranian Foreign Ministry spokesman Saeed Khatbizadeh said on Thursday that the South Korean delegation’s Thursday visit to Tehran was aimed at negotiating Iran’s frozen financial resources.

Around 3 trillion won ($2.7 billion) deposited by the Seoul branch of Iran’s Bank Mellat has been held by the Bank of Korea, while about $7 billion worth of Iranian oil money was frozen by the Industrial Bank of Korea and Woori Bank, according to Yonhap News Agency.