Amid renewed spotlight on ties with Hamas, US refreezes $6M [$6B*] headed to Iran from S. Korean banks

The New York Times reported on Thursday that the US and Qatari governments reached an agreement not to release the US$6 billion South Korea sent to Iran as payment for oil. Sanctions placed by the Donald Trump administration against Iran in 2019 initially prevented South Korea from transferring this fund. On Sept. 18, after five US prisoners were released, the US allowed the money to be transferred to a Qatari bank on the condition that it could only be used for humanitarian purposes such as purchasing food and medical supplies.

But less than a month later, the brakes were put on the fund’s withdrawal in response to Palestinian militant group Hamas’ attack on Israel. Wally Adeyemo, the US deputy secretary of the Treasury, shared with Democratic lawmakers that these assets will not be available for withdrawal for the foreseeable future. During his visit to Israel, US State Secretary Antony Blinken also revealed that Iran hadn’t spent any of the US$6 billion.