Iran and South Korea announced last week an agreement was reached to release the crew of a 9,797-ton oil tanker seized last month as it sailed the Strait of Hormuz, but there seem to be lingering issues.
The Iranian Ministry of Foreign Affairs said last week that the ship’s 19-person crew will be able to leave, Nikkei Asia reported. The ship’s captain, however, must remain in the country.
The New York Times reported that South Korea vowed swift action to address the $7 billion in Iranian funds that are being held in its country’s banks due to U.S. sanctions. Last month, the Financial Times reported that Iran requested some of the funds – about €180m – so it could buy vaccines while the country deals with the coronavirus outbreak.
The money was seized after the U.S. withdrew from the nuclear agreement based on nuclear enrichment activities. President Biden has said he hopes to restore the deal. The Times reported that Biden has not indicated he will drop some of the sanctions against Iran.
Nikkei Asia reported that Iran seized the Hankuk Chemi in the waters of Oman early last week based on so-called environmental concerns, but it was seen as a message to countries aligned with the U.S. The ship was carrying 7,200 tons of ethanol.
South Korea issued a statement after Iran announced it would release the crew. “The two vice foreign ministers said their governments took an important, first step toward restoring confidence between South Korea and Iran,” the statement read. “They agreed to restore their countries’ traditional, friendly ties of supporting each other when they face difficulties by resolving the issue of the frozen fund.”
TREND FORECAST: As Gerald Celente has said, “In the Bronx, they used to say, ‘Money talks, bullshit walks.’” The bottom line of the South Korea/Iranian conflict is money, and until Iran gets their money back from South Korea, the captain will remain in custody. And, if they do not get it soon, other South Korean-flagged ships sailing in the Persian Gulf will be captured by Iran, and their crews will be held until they get their money back.
