{"id":2201972,"date":"2023-08-14T08:00:09","date_gmt":"2023-08-13T23:00:09","guid":{"rendered":"https:\/\/koreapro.org\/?p=2201972"},"modified":"2023-08-13T23:00:14","modified_gmt":"2023-08-13T14:00:14","slug":"u-s-iran-prisoner-swap-facilitates-release-of-iranian-assets-in-south-korea","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/08\/u-s-iran-prisoner-swap-facilitates-release-of-iranian-assets-in-south-korea\/","title":{"rendered":"U.S.-Iran prisoner swap facilitates release of Iranian assets in South Korea"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The U.S. and Iran have reached an <\/span><a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2023\/08\/10\/statement-from-national-security-council-spokesperson-adrienne-watson-on-the-status-of-unjustly-detained-americans-in-iran\/\"><span style=\"font-weight: 400;\">agreement<\/span><\/a><span style=\"font-weight: 400;\"> to free five American detainees in exchange for imprisoned Iranians and to unlock around $6 billion of Iranian oil revenues. This agreement, reached after more than two years of behind-the-scenes negotiations, paves the way for the <\/span><a href=\"https:\/\/koreajoongangdaily.joins.com\/news\/2023-08-11\/national\/politics\/Seoul-to-release-Irans-7-billion-frozen-funds-in-Korea\/1844677\"><span style=\"font-weight: 400;\">release of Iranian assets<\/span><\/a><span style=\"font-weight: 400;\"> frozen in two South Korean banks since 2019. The freeze came into effect when Washington halted waivers for Iranian oil imports to South Korea and several other nations.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">White House National Security Council\u2019s coordinator for strategic communications John Kirby indicated that the asset release is <\/span><a href=\"https:\/\/en.yna.co.kr\/view\/AEN20230812000200325\"><span style=\"font-weight: 400;\">not expected<\/span><\/a><span style=\"font-weight: 400;\"> to affect the exchange rate or value of the South Korean won. He added that the U.S. collaborated closely with South Korea to ensure this outcome. The funds will be directed to an account at Qatar\u2019s central bank, subject to restrictions guaranteeing their use exclusively for humanitarian transactions, such as buying medicine and food.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The agreement to unfreeze roughly $6 billion of Iranian assets in South Korean banks may provide an avenue for both nations to mend their strained economic ties. Prior to 2018, <\/span><a href=\"https:\/\/tradingeconomics.com\/south-korea\/exports\/iran\"><span style=\"font-weight: 400;\">trade relations<\/span><\/a><span style=\"font-weight: 400;\"> between South Korea and Iran were on the rise. However, the trajectory changed when the Trump administration <\/span><a href=\"https:\/\/www.nytimes.com\/2018\/05\/08\/world\/middleeast\/trump-iran-nuclear-deal.html\"><span style=\"font-weight: 400;\">opted out<\/span><\/a><span style=\"font-weight: 400;\"> of the Joint Comprehensive Plan of Action agreement and re-imposed sanctions on Iran. In 2019, the U.S. further constrained Iran\u2019s revenue by rescinding oil purchase waivers previously granted to eight countries, including South Korea. The asset release might spark new trade and investment ventures, especially in the energy sector where South Korea has traditionally eyed the Iranian market.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, a full-fledged rapprochement with Iran remains uncertain for South Korea. During a January visit to the UAE, President Yoon Suk-yeol, while addressing a South Korean military unit there, <\/span><a href=\"https:\/\/koreapro.org\/2023\/01\/how-yoons-off-the-cuff-remark-about-iran-could-strain-diplomatic-relations\/\"><span style=\"font-weight: 400;\">labeled<\/span><\/a><span style=\"font-weight: 400;\"> Iran as the UAE\u2019s \u201cenemy and its biggest threat.\u201d This comment led both nations to <\/span><a href=\"https:\/\/apnews.com\/article\/iran-politics-government-south-korea-united-arab-emirates-053762a996a9b7290514b46cae0a4063\"><span style=\"font-weight: 400;\">summon<\/span><\/a><span style=\"font-weight: 400;\"> each other\u2019s ambassadors. While Iran has recently reconciled with <\/span><a href=\"https:\/\/www.aljazeera.com\/news\/2023\/6\/17\/saudi-foreign-minister-arrives-in-tehran-amid-warming-ties\"><span style=\"font-weight: 400;\">Saudi Arabia<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.aljazeera.com\/news\/2022\/8\/21\/uae-says-ambassador-to-iran-to-return-to-tehran-in-coming-days\"><span style=\"font-weight: 400;\">the UAE<\/span><\/a><span style=\"font-weight: 400;\">, the fluidity of Middle Eastern diplomacy cannot be ignored. So, South Korea\u2019s burgeoning <\/span><a href=\"https:\/\/koreapro.org\/2023\/06\/south-korea-saudi-arabia-discuss-defense-cooperation-and-military-exchanges\/\"><span style=\"font-weight: 400;\">arms<\/span><\/a> <a href=\"https:\/\/koreapro.org\/2023\/02\/rok-defense-minister-to-visit-uae-and-poland-for-talks\/\"><span style=\"font-weight: 400;\">sales<\/span><\/a><span style=\"font-weight: 400;\"> to the aforementioned countries could hinder the development of warmer relations between Seoul and Tehran.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/inter-korean-foreign-relations\/\"><span class=\"tag\">Inter-Korean &amp; Foreign Relations<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>The U.S. and Iran have reached an agreement to free five American detainees in exchange for imprisoned Iranians and to unlock around $6 billion of Iranian oil revenues. This agreement, reached after more than two years of behind-the-scenes negotiations, paves the way for the release of Iranian assets frozen in two South Korean banks since [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2201973,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,28],"class_list":["post-2201972","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-inter-korean-foreign-relations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>U.S.-Iran prisoner swap facilitates release of Iranian assets in South Korea - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2023\/08\/u-s-iran-prisoner-swap-facilitates-release-of-iranian-assets-in-south-korea\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"U.S.-Iran prisoner swap facilitates release of Iranian assets in South Korea - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"The U.S. and Iran have reached an agreement to free five American detainees in exchange for imprisoned Iranians and to unlock around $6 billion of Iranian oil revenues. This agreement, reached after more than two years of behind-the-scenes negotiations, paves the way for the release of Iranian assets frozen in two South Korean banks since [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/koreapro.org\/2023\/08\/u-s-iran-prisoner-swap-facilitates-release-of-iranian-assets-in-south-korea\/\" \/>\n<meta property=\"og:site_name\" content=\"KOREA PRO\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/nknewsorg\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-13T23:00:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-13T14:00:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/koreapro.org\/wp-content\/uploads\/sites\/6\/2023\/08\/kirby.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"548\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"johnleenknews\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@southkoreapro\" \/>\n<meta name=\"twitter:site\" content=\"@southkoreapro\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"KOREA PRO\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/koreapro.org\/2023\/08\/u-s-iran-prisoner-swap-facilitates-release-of-iranian-assets-in-south-korea\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/koreapro.org\/2023\/08\/u-s-iran-prisoner-swap-facilitates-release-of-iranian-assets-in-south-korea\/\"},\"author\":{\"name\":\"johnleenknews\",\"@id\":\"https:\/\/koreapro.org\/#\/schema\/person\/b9766dba611638edc06a6e0b7078714d\"},\"headline\":\"U.S.-Iran prisoner swap facilitates release of Iranian assets in South Korea\",\"datePublished\":\"2023-08-13T23:00:09+00:00\",\"dateModified\":\"2023-08-13T14:00:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/koreapro.org\/2023\/08\/u-s-iran-prisoner-swap-facilitates-release-of-iranian-assets-in-south-korea\/\"},\"wordCount\":368,\"publisher\":{\"@id\":\"https:\/\/koreapro.org\/#organization\"},\"image\":{\"@id\":\"https:\/\/koreapro.org\/2023\/08\/u-s-iran-prisoner-swap-facilitates-release-of-iranian-assets-in-south-korea\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2023\/08\/kirby.png\",\"keywords\":[\"Business &amp; 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