Foreign Minister Song Min-soon said Tuesday that it's too early to say whether the delayed transfer of North Korean funds from Macao's Banco Delta Asia has been resolved, but he did say there has been rapid progress.

Song made the remarks when asked by reporters to confirm media reports that the North's assets would first be transferred to a U.S. Federal Reserve bank, and then to Russia's central bank before winding up in a dormant North Korean account at the private Far East Commercial Bank in Russia.

Regarding the involvement of the New York branch of the Federal Reserve, Song said that if it happens, the bank won't be subject to Section 311 of the U.S. Patriot Act Section, which bans U.S. banks from business dealings with Macao's BDA.

He said that such a solution would go beyond legal and technical barriers.