South Korea unfreezes $30 mn Iranian funds for medicines, vaccines purchase

South Korea has released a small portion of Iranian funds in its banks for its purchase of medicine and vaccine, a senior businessman said in Tehran.

"Only $30 million of Iranian funds in South Korea have been released for purchase of coronavirus vaccines and other medications," Hossein Tanhayi, head of Iran-South Korea Joint Chamber of Commerce, said on Wednesday.

In February, South Korea agreed to help release at least $1 billion out of the around $7 billion of funds that have remained blocked in two Seoul banks since 2018, said Tanhayi.

"However, the agreement has not been implemented yet," he added.

Iran has announced that South Korea was in arrears with payment of about $7 billion for oil from Tehran, which have been frozen in the South Korean banks because of American pressures of sanctioning the Islamic Republic.

--IANS

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