Blocked Dollars in South Korea Reach Switzerland

According to South Korean media, Iran's blocked assets in South Korea were transferred to the Swiss Central Bank last week to be converted into euros and then sent to Qatar. Reuters reported that the process of converting 'won' to dollars and then to euros is time-consuming, noting that approximately 300 billion 'won' (equivalent to $223.85 million) will be converted daily over the next five weeks. The blocked dollars of Iran in South Korea amounted to $7 billion, of which, according to Mohammad Reza Farzin, the head of the Central Bank, $1 billion was lost due to the conversion of oil dollars into the South Korean currency and the depreciation of the 'won' against the dollar. The Iranian Foreign Ministry announced on Thursday evening, August 10, that it had received the blocked funds in South Korea in exchange for the release of five Iranian-American hostages. U.S. Secretary of State Antony Blinken stated that Iran can only use the released funds for 'humanitarian' purposes, with some users comparing this exchange to 'oil-for-food' program of Saddam and deeming it 'humiliating.' Earlier, the Tasnim news agency detailed the release of $6 billion in blocked currency from the South Korean bank, reporting the involvement of Germany and Switzerland in delivering this money to two banks in Qatar. According to this news agency affiliated with the Revolutionary Guards, the final amount will be approximately €5.3 billion, which will be deposited into two banks in Qatar, and based on this, six private Iranian banks have opened accounts in these two Qatari banks. The U.S. is prepared to sanction human rights violators in Iran despite the release of blocked funds. The opening of accounts by six private banks in Qatar for the 'Korean dollars' involves Germany. The reaction of newspapers to the exchange of dollars for several dual-national prisoners includes conservatives claiming a 'victory without ransom,' while government critics argue that the agreement was made out of necessity. The U.S. emphasized that the released Iranian funds will only be spent on 'medicine, food, and non-sanctioned items.'