IRANIAN funds previously held in South Korean banks amounting to approximately $6 billion have now been successfully transferred to six Iranian accounts in two Qatar banks.
Tehran’s multi-billion-dollar oil funds previously frozen under US sanctions were released after a successful prisoner swap exchange between Qatar and Iran.
A total of ten prisoners were swapped, with each side releasing five on September 18, following extensive negotiations that lasted a year.
The banking operations started a week after South Korea confirmed it had transferred Iran’s funds to a third country.
The governor of Qatar’s Central Bank met his Iranian counterpart in Doha earlier this week to facilitate the financial transition and explore avenues for bilateral banking relations.
After the successful transfer, Qatar will now be responsible for supervising the allocation and utilization of these funds.
The deal was considered a major diplomatic win for Qatar wherein it emerged as a powerful mediator in recent years.
