Economy, Business And Markets

South Korea Releases Assets

South Korea Releases AssetsSouth Korea Releases Assets

South Korea has unblocked a large part of Iran's frozen assets, an Iranian petrochemical official said. The news comes after Iran's nuclear agreement with the six world powers came into effect in January.

Ahmad Mahdavi Abhari, secretary of the Association of Petrochemical Industry Corporations (AIPC), said that Iran had exported petrochemical products to South Korea during the sanctions years but the money was blocked due to the international sanctions, Mehr news agency reported.

The assets blocked in Seoul are said to be less than $1 billion.

Abhari said some Iranian petrochemical companies had managed to receive their assets following the removal of sanctions, but others still have difficulties in being paid due to the inability of the banking system. Problems with banking system will be removed soon, he was quoted as saying.