Iran accesses frozen foreign funds

Iran accesses frozen foreign funds

Iran has made an agreement to release a “considerable amount” of its assets frozen in overseas accounts because of U.S. sanctions, IRNA reported, citing an official source.

Sanctions imposed under former President Donald Trump have prevented Iran from accessing outstanding payments for oil purchases, with some $7 billion stuck in two South Korean banks. Iran has sought the release of frozen assets as part of talks with the Biden administration to restore the 2015 nuclear deal that Trump abandoned.

Citing unnamed “media sources”, IRNA also said the amount released would be “several times” the 398 million pounds ($520 million) recently paid to Tehran by the U.K. after it settled a longstanding debt over a defense deal dating back to the 1970s.

Iranian officials have visited South Korea in recent months for talks over the funds and other financial issues in apparent preparation for the revival of the nuclear deal, which would ease some sanctions, including on Iranian oil exports, in return for curbs on its atomic program. 

The talks, which had been taking place in Vienna, were suspended last month.