Biden Admin Consulting South Korea on Releasing Frozen Iranian Funds

POLITICS & POLICY
President Joe Biden takes off his mask at the White House in Washington, D.C., January 28, 2021. (Kevin Lamarque/Reuters)

The Biden administration is working to free billions of dollars in Iranian assets currently frozen in South Korea, the country’s Yonhap news agency reported on Tuesday.

There is currently about $7 billion in Iranian assets frozen in two banks based in Seoul, blocked by U.S. economic sanctions. Korea’s foreign ministry confirmed on Tuesday that a deal had been reached to free those assets.

“Our government has been in talks with Iran about ways to use the frozen assets, and the Iran side has expressed its consent to the proposals we have made,” the ministry said in a statement. “The actual unfreezing of the assets will be carried out through consultations with related countries, including the United States.”

You Might Like

Tensions rose between the two countries after Iran seized a South Korean oil tanker in early January. South Korea’s foreign ministry has denied the seizure is linked to the frozen assets.

The report comes as the White House attempts to recalibrate its policy toward Iran from the Trump administration. Iran threatened on Monday to raise its uranium enrichment limits closer to levels necessary to produce nuclear weapons, and announced it would cease allowing snap inspections by the International Atomic Energy Agency.

Meanwhile, a U.S. led base in northern Iraq was attacked last week by possible Iran-backed militias, and the U.S. embassy in Iraq was also apparently targeted in a rocket attack. The Biden administration has issued verbal condemnation of the attacks but said it will not “lash out” in response.

Send a tip to the news team at NR.

Zachary Evans is a news writer for National Review Online. He is a veteran of the Israeli Defense Forces and a trained violist.

Articles You May Like

Situation Update, Mar. 4th – Black leaders dare to tell the truth about vaccine depopulation GENOCIDE
WHO to Shelve Report on COVID Origins after Calls for Greater Transparency
CPAC organizer responds to Hyatt: We won’t let you cancel us to appease a social media mob
MN Monday #TEMS: Chauvin trial updates, Minneapolis hesitates, plus COVID bill accelerates, Cuomo prevaricates, and more!
What a Joke! NBC’s New Comedy ‘Kenan’ Sings ‘Stacey Abrams Is So Dope’

Leave a Reply

Your email address will not be published. Required fields are marked *