Iran said on Tuesday that South Korea had started to release the first US$1 billion of the US$7 billion Iranian oil funds blocked in Korean banks because of the U.S. sanctions on Tehran, but Seoul says that any transfer of the funds will be made only after consultations with the United States. After the United States pulled out from the so-called Iran nuclear deal in May 2018, it imposed sanctions on Tehran, specifically targeting its oil industry as a vital source of revenue. As a result, somewhere between US$7 billion and US$8 billion in oil…
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