Iran Says Seoul to Release $1 Billion Blocked by U.S. Sanctions
- Talks also underway with Japan, Oman and Iraq, Tehran says
- South Korean funds are linked to Iran’s seizure of oil tanker
Photographer: Ali Mohammadi/Bloomberg
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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.