Iran's Foreign Ministry said that it has seen no substantial steps by South Korea to resolve the issue of its frozen assets in South Korean banks.

According to Iran's FARS news agency on Tuesday, Iranian Foreign Ministry spokesperson Saeed Khatibzadeh issued the position in response to media reports that South Korea and the U.S. agreed to cooperate on the matter. 

The spokesperson reportedly said that unfortunately, there has been no substantive move from the South Korean government to enable the transfer of the frozen money through Swiss channels or the purchase of humanitarian items.

South Korean Finance Minister Hong Nam-ki and U.S. Treasury Secretary Janet Yellen held a meeting in Italy on Friday on the sidelines of the G20 Summit, where they reportedly agreed to cooperate on the resolution of the issue. 

An estimated seven billion dollars of Iranian oil money has been held in two South Korean banks due to U.S.' sanctions re-imposed in 2018.