According to the South Korean Yonhap news agency, the country's banks announced on Tuesday that an estimated 10 trillion won (US$9.2 billion) in Iranian funds is frozen at South Korean banks under US sanctions.
As of September last year, about 3 trillion won worth of Iranian money was held at the Bank of Korea. The money was deposited by the Seoul branch of Bank Mellat of Iran, Yonhap reported.
Separately, about $7 billion worth of Iranian oil money was frozen at two South Korean banks- Industrial Bank of Korea and Woori Bank, it added.
Iran has repeatedly urged the country to release the Iranian frozen assets as soon as possible.
The Islamic Republic says South Korean officials must act as soon as possible to release Iran's blocked resources and convert them into dollars and euros to return the Islamic Republic's property.
However, despite the prolonged talks between Tehran and Seoul over Iran's use of its blocked assets, the process seems not at all satisfactory as South Korea is still making excuses not to pay its debts.
The release of the funds would enable Tehran to purchase medicine and medical equipment needed to fight the new coronavirus pandemic.
MNA/PR
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