Iran makes deal to access frozen foreign funds

Iran has made an agreement to release a “considerable amount” of its assets frozen in overseas accounts because of US sanctions, the state-run Islamic Republic News Agency said, citing an official source, Report informs referring to Bloomberg.

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 UK after it settled a longstanding debt over a defense deal dating back to the 1970s.

The report didn’t give any details about the nature of the deal or which other countries were involved. There was no immediate confirmation from the US or any other government on the status of the assets.

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.