You are here: Home » International » News » Politics
Business Standard

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

Topics
South Korea | Iran | Vaccine

IANS  |  Tehran 

Photo: Shutterstock
Photo: Shutterstock

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 have been released for purchase of coronavirus vaccines and other medications," Hossein Tanhayi, head of Iran-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.

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

ksk/

 

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, April 22 2021. 12:31 IST
RECOMMENDED FOR YOU
.