Iran expects release of its frozen assets - MFA

By Trend

The spokesman of Iran's Foreign Ministry Saeed Khatibzadeh confirms reports on releasing Iran's blocked asset in South Korea, Trend reports citing IRNA.

Khatibzadeh delivered the remarks during his weekly press conference.

According to the official, a high-ranking delegation will travel to Tehran, to finalize the mechanism for releasing Iran’s $7 billion frozen funds in a few weeks, via banking transactions.

Iran has more than $7 billion in funds for oil shipments frozen at two South Korean banks (the Industrial Bank of Korea (IBK) and Woori Bank) due to sanctions. Iran has demanded the release of the money, a major sticking point in bilateral relations.