Fri. May 20th, 2022

Tehran is expected to regain its voice at the UN General Assembly after Seoul paid $ 18 million using $ 7 billion in Iranian funds frozen due to US sanctions.

Iran is expected to regain its voice in the UN General Assembly after South Korea paid Tehran’s overdue membership fees to the world body with Iranian funds frozen in the country, Seoul said.

Sunday’s announcement reflects a similar situation where Iran regained his UN voting right in June 2021 after he managed to make the payment on his arrears.

Earlier this month, however, it announced that US sanctions have impedes his ability to pay for the second year in a row.

Any release of Iran’s frozen funds requires the approval of the United States, which this week joined its European allies and said there were only weeks left to salvage the 2015 nuclear deal with Iran.

In 2018, then-President Donald Trump removed Washington from the agreement, reinstating a series of US sanctions. Iran later reversed its compliance with many of the agreement’s core restrictions.

Seoul “on Friday completed the payment of about $ 18 million in Iran’s UN funds from Iran’s frozen funds in South Korea, in active cooperation with related agencies such as the US Treasury’s Foreign Asset Management Office and the United Nations Secretariat,” said the Ministry of Finance. in a statement.

“Iran’s voting rights at the General Assembly are expected to be restored immediately upon payment,” the ministry added.

The UN office in Seoul was not available for comment outside business hours.

Iran urged South Korea last week to help pay the UN contribution with the frozen funds due to concerns about the loss of its voting rights in the 193-member General Assembly, the South Korean ministry said.

Tehran has repeatedly demanded the release of some $ 7 billion of its funds frozen under US sanctions on South Korean banks, saying Seoul is holding the money “hostage”.

An official of the South Korean Ministry of Finance did not want to say how much of Iran’s frozen funds remain after this payment of UN fees and another exemption last year, citing confidentiality laws.

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