TEHRAN – The release of Iran’s frozen assets in South Korea will “open a new chapter” in ties between Tehran and Seoul, Iranian Foreign Minister Hossein Amir Abdollahian announced late on Monday.

"Now we can open a new chapter in bilateral relations and the Islamic Republic of Iran welcomes any initiative that will help promote ties between the two countries," Amir Abdollahian said in a phone conversation with his South Korean counterpart, Park Jin.

Iran’s oil revenues, that amounted around six billion dollars, had been blocked in South Korean banks under illegal pressure from the United States.

The money was blocked after the Trump administration unilaterally abandoned the multilateral nuclear deal, officially called the JCPOA, in May 2018 and reintroduced sanctions on Iran under Washington’s “maximum pressure” campaign against Iran.

Iran’s frozen assets in South Korea have been transferred to Switzerland. The money was unfrozen after an agreement between Iran and United States brokered by Oman and Qatar.

Amir Abdollahian and Park also held talks on the most important bilateral, regional and international issues.

 “The Islamic Republic welcomes any initiative that would help promote ties between the two countries,” Amir Abdollahian said, according to Press TV.

South Korean media reported in late August that the unblocked Iranian funds had been transferred to Switzerland’s central bank ahead of their transfer to Iran.

Iran’s central banker Mohammad Reza Farzin said on August 12 that all of Iran’s blocked funds in South Korea had been released and will be used in the form of banking payment to purchase non-sanctioned goods and commodities.

Amir Abdollahian also said promoting ties with Asian countries is among the priorities of the sitting Iranian administration.

He added, "We believe that the current century belongs to Asia."

Iran and South Korea are "two important players" in Asia, and Tehran attaches special importance to “old and cordial relations” with Seoul, Iran’s chief diplomat remarked.

The top diplomat also expressed Tehran's readiness to boost cooperation with Seoul within the framework of regional and international organizations.

The South Korean foreign minister, for his part, lauded the agreement on unblocking Iran's frozen funds in his country, saying the move showed Seoul's practical commitment to the Iranian government and people.

Foreign Minister Park also described the recent developments in relations as “positive and meaningful” said Seoul is ready to boost cooperation with Tehran with the goal of promoting peace and stability in the West Asia region.

The two chief diplomats also discussed the environmental dangers and active participation in a conference on “dust and sandstorms” that Iran is set to hold with the cooperation of the United Nations.