40 Korean exporters to Iran collect $70 mn in frozen money in 3 years

2021.07.16 12:24:44 | 2021.07.16 13:52:01

[Graphics by Song Ji-yoon]이미지 확대

[Graphics by Song Ji-yoon]

Some 40 Korean companies that exported to Iran were paid $70 million in recent months, collecting a chunk of their outstanding account receivables from the Arab country whose overseas assets have been frozen due to U.S. sanctions.

The payment was made over the past three months from March, reported AFP news agency Wednesday, citing diplomatic sources. There are still some 10 firms that are yet to receive $20 million.

Korean exporters were not paid for exports to Iran after new sanctions were imposed during the Donald Trump administration in 2018.

However, the Joe Biden administration in March allowed Iran to use its frozen funds in Korea to pay back Korean companies.

The frozen Iranian assets were about $7 billion held in Korean commercial banks.

By Kim Je-gwan and Cho Jeehyun

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