The government has confirmed the release of Iranian funds that had been frozen in South Korean banks due to U.S. sanctions against Tehran.

The ministries of foreign affairs and finance issued a joint statement on Tuesday confirming the successful transfer of the funds to a third country under close cooperation among relevant nations.

The government said that it has continued diplomatic communications and consultation with such countries to resolve the issue, with clear recognition that these funds belong to the Iranian people.

The statement also noted that not only parties directly related to the issue but also third countries such as Qatar and Switzerland played a crucial role in the release, expressing special gratitude for their contributions.

As the U.S. and Iran exchanged prisoners on Monday, about six billion dollars in oil revenue funds that had been tied up in South Korean banks were transferred to an Iranian account in a Qatari bank.

The government expressed hope that Seoul’s relations with Tehran will improve after the release of the frozen Iranian funds.