×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: Iran | south korea | sanctions | oil tanker | seoul

Iran Says Seoul to Release $1 Billion Blocked by US Sanctions

person carries an iranian flag in nyc
(Kena Betancur/Getty Images)

Tuesday, 23 February 2021 07:26 AM

Iran said South Korea has begun to release some of the $7 billion it has trapped in the Asian country because of U.S. sanctions, progress toward ending a spat linked to the seizure of an oil tanker.

Seoul will free $1 billion in an “initial step” that could eventually resolve the dispute, Iranian government spokesman Ali Rabiei said at a news conference in Tehran on Tuesday. Iran has said it wanted to use the funds to purchase medicines during the coronavirus outbreak.

South Korea’s Yonhap News Agency reported the unfreezing of the funds would involve consultations with “related countries,” including the U.S., citing the Foreign Ministry in Seoul.

Rabiei said talks are also underway with Japan, Iraq, and Oman to release Iranian funds stuck in those countries.

International banks refused to handle Iranian funds for fear of running foul of U.S. sanctions, making it impossible for Tehran to access money that accumulated in overseas deposits from energy exports.

Iranian officials have said that South Korea alone is holding between $7 billion and $10 billion in oil payments, and in January Rabiei linked his country’s seizure of the South Korean-flagged Hankuk Chemi vessel in the Persian Gulf to the frozen assets.

© Copyright 2021 Bloomberg News. All rights reserved.


GlobalTalk
Iran said South Korea has begun to release some of the $7 billion it has trapped in the Asian country because of U.S. sanctions, progress toward ending a spat linked to the seizure of an oil tanker. Seoul will free $1 billion in an "initial step" that could eventually...
south korea, sanctions, oil tanker, seoul
200
2021-26-23
Tuesday, 23 February 2021 07:26 AM
Newsmax Media, Inc.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved