Future ties at stake as South Korean PM visits Iran

The future of diplomatic and financial relations between Iran and South Korea is at stake as Prime Minister Chung Sye-kyun visits Tehran for three days of talks.

South Korea has for years blocked at least $7bn of Iranian money in its banks as it fears falling afoul of harsh economic sanctions the United States started unilaterally imposing on Iran in 2018.

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The money, mostly yields from exported Iranian oil, was central to talks between Chung and First Vice President Es’haq Jahangiri on Sunday.

In a joint press conference in Tehran, Jahangiri called for the release of the funds.

“South Korean banks’ move to block Iran’s foreign currency reserves comes as the Iranian nation severely needs them due to conditions created by the coronavirus and its economic and health ramifications,” he told reporters while standing behind a podium next to Chung.

Chung is also expected to meet Parliament Speaker Mohammad Bagher Ghalibaf, supreme leader’s adviser Ali Larijani, and President Hassan Rouhani during the trip.