News Karnataka
Friday, February 03 2023

Iran pays delinquent UN membership fee with funds frozen in S Korea

Photo Credit :

Seoul: Iran has paid its dues to the UN with the country’s funds frozen in South Korea in a move to immediately restore its voting power, Seoul’s Finance Ministry said on Sunday January 23.

Iran made an emergency request to South Korea on January 13 for the use of Tehran’s funds in Seoul to pay its dues after being informed by the UN it would immediately lose its voting rights for the arrears, reports Yonhap News Agency.

Iran has more than $7 billion in funds for oil shipments frozen at two South Korean banks — the Industrial Bank of Korea and Woori Bank — due to U.S. sanctions.

The US reimposed the sanctions on Tehran in 2018 when former President Donald Trump pulled out of a 2015 landmark nuclear agreement with Iran and five major world powers.

The Ministry of Economy and Finance said $18 million, part of the delinquent fees, was paid to the UN on Friday, using the Tehran assets frozen in South Korea after consultations with related organisations, including the US Office of Foreign Assets Control and the UN Secretariat.

“Iran’s right to vote at the General Assembly is expected to be restored immediately with the payment,” the Ministry said in a statement.

It marks the second time for Iran to use its funds held in South Korea to pay the UN fee following a similar case last year.

Share this:
Support NewsKarnataka's quality independent journalism with a small contribution.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Leave a Reply

Your email address will not be published. Required fields are marked *

Rohan City Corp
Rohan City Corp

Find the best odds at 10Cric and ipl betting 2021! Signup today and get up to a 100% deposit bonus.

To get the latest news on WhatsApp