1. The Republic of Korea and the Islamic Republic of Iran are holding a meeting of the working-level experts group in Seoul from February 15 to 16 to discuss issues related to finance and crude oil/oil products.

※ This meeting is held in accordance with the agreement reached at the Korea-Iran Vice Foreign Ministers’ meeting in Vienna on January 6 to hold a meeting of the working-level experts group and discuss pending issues.

- Iranian officials from the Central Bank of Iran, the Ministry of Petroleum and the National Iranian Oil Company are visiting Korea and taking part in the working-level meeting with the Korean delegation consisting of officials of the Ministry of Foreign Affairs, the Ministry of Economy and Finance and KOTRA, as well as other meetings with concerned companies.  

2. In relation to financial issues, while recognizing the continuous efforts by both sides for humanitarian trade even amid sanctions, the two sides discussed overall issues related to frozen funds, including various technical issues that occurred in the trading process.

 ㅇ The Korean side expressed expectations that sanctions-related issues, including the transfer of frozen funds, would be resolved when a deal is reached at the ongoing negotiations in Vienna on the restoration of the JCPOA.

 ㅇThe Iranian side stressed the need for a swift resolution of the frozen fund issue.

3. The two sides are also discussing the possibility of resuming trade in crude oil and oil products when sanctions are lifted in accordance with progress made in nuclear negotiations in Vienna.

4. The two sides will continue efforts to resolve pending issues between the two countries and to restore economic cooperation based on the results of the working group meetings.