Iran's top banker has threatened legal action by the country if South Korea fails to return Iranian funds held by its banks. 
 
According to Iranian state news agency IRNA, Iran's Central Bank Governor Abdolnaser Hemmati told reporters on Wednesday that Iran will receive one billion U.S. dollars from South Korea as the first tranche of some seven billion dollars in frozen assets that Seoul has agreed to release. 

Hemmati said that in his meeting with South Korean Ambassador Ryu Jeong-hyun in Tehran, he made it clear how the funds should be used. 

The governor said that the funds belong to the Central Bank of Iran and it has the right to take legal action, adding the bank issued a payment order and will take action according to international law if South Korea fails to pay. 

The remarks come as the South Korean government said that the actual release of the funds will be carried out through consultation with the United States.