Economy

Frozen Iranian funds transferred to Swiss bank: S.Korean media

Iran’s assets, blocked in South Korea due to US sanctions, have been reportedly transferred to Switzerland’s central bank for exchange and transfer to Iran.

South Korea’s official news agency Yonhap says the Swiss bank will convert the six-billion-dollar fund into Euros in the next five weeks and the sums will be transferred to Iran. South Korea’s finance ministry has refrained from commenting on the issue. Last week, Iranian President Ebrahim Raeisi also said the released assets will be used to enhance the country’s domestic production.

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Tim Anderson

Tim Anderson was a Senior Lecturer in Political Economy at the University of Sydney for 20 years. Now he is Director of the Center for Counter Hegemonic Studies. He researches and writes on development, rights and self-determination in Latin America, the Asia-Pacific and the Middle East. He has published many dozens of chapters and articles in a range of academic books and journals. His latest books  are Land and Livelihoods in Papua New Guinea (Australian Scholarly Publishing, Melbourne, 2015), The Dirty War on Syria (Global Research, Montreal, 2016) and AXIS OF RESISTANCE- Towards an Independent Middle East (Clarity Press, 2019).

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