Tehran has been pressuring Seoul to unblock the assets held in two South Korean banks due to US sanctions

Iranian assets worth an estimated $7 billion locked in South Korea will shortly be released following consultations with the United States, after Tehran announced Monday that it has reached a deal with Seoul over how to transfer the funds, reported the Korea Times.

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The agreement was reportedly reached during a meeting between Iran's Central Bank Gov. Abdolnaser Hemmati and South Korean Ambassador to Iran Ryu Jeong-hyun.

For months Tehran has been pressuring Seoul to unblock the assets held in two South Korean banks due to US sanctions. Seoul has been in talks with Washington on ways to release the money without violating the sanctions, including expanding humanitarian trade with the Middle Eastern country, according to the Korea Times.