West News Wire: According to reports, a spokesman for the US National Security Council said Iran can utilise $7 billion of its banned cash in South Korea to purchase humanitarian aid. 

Voice of America was informed on Wednesday by the unnamed spokesman that the money is being kept in a “restricted” account that is “accessible for humanitarian trade.” 

He stated that Washington was open to suggestions from Seoul and others to ensure that the money might be utilised for humanitarian causes, “including through transfers to other trusted banks and in similar restricted accounts,” he said. 

However, he continued, there isn’t any new information or a programme in this area at the moment. 

Yoon Suk-yeol, the president of South Korea, was in the US at the time of the remarks. 

Iranian news outlet Nournews, which is connected to the Supreme National Security Council (SNSC) of the government, recently reported on indirect negotiations regarding the release of monies that were purportedly frozen in South Korea due to American sanctions against Iran. 

According to the source, a preliminary understanding had been struck about the transfer of Iranian funds to one or more banks in neighbouring nations. 

Prior to 2018, when the United States withdrew from the 2015 nuclear agreement and imposed sanctions on Iran, South Korea was the third-largest consumer of Iranian crude oil and the top purchaser of Iranian condensate. 

Since then, the country has refused to repatriate the funds it owes Iran for energy imports due to fears of US penalties on its economy. 

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