Iran seizes more than $7 billion frozen in Korean banks for South Korean tankers

A South Korean-flagged ship was captured by Iran’s Revolutionary Guards, according to Reuters. Iran’s military has arrested its workers, sparking tensions between Tehran and Seoul over South Korean banks’ frozen Iranian assets.The South Korean-flagged ship’s owner confirmed that the Iranian armed forces had boarded the ship, and that Hankuk’s crew had received a 10 to 20 minute warning from Iranian officials before the ship was taken over.

According to the Korean Foreign Ministry, reports say the ship was carrying five South Korean nationals and 15 other passengers. The Iranian ambassador to Seoul said the crews were “safe. The crew were nationals of South Korea, Indonesia, Vietnam and Myanmar.”The Iran-Korea conflict is focused on large amounts of money in Korean accounts, which Korea has declined to release because of Iran’s economic sanctions. Iran made every attempt to get the money out of its soul, but it was not able to do so, and Korea was pushed by the United States not to release the money to Teheran.

Iran has seized a tanker ship and its crew, referring to the millions of dollars owed to Saul’s government. Tehran claims that in the Persian Gulf, the ship was working to produce environmental and chemical waste.Political analysts say Iran wants Korean banks to earn more than $7 billion.

South Korea froze $7 billion in Iran-owned money two years ago, a spokesman for the Iranian government said.In recent weeks, Iran has been riddled with concerns of US and Israeli allied military operations in the Persian Gulf. This week, U.S. B-52 fighter jets were in the Middle East, while Israel was sending a submarine to the Persian Gulf that could be seen as a threat to the Iranian regime as they reiterated their vengeance on General Qasem Sulaiman, who was killed in Iraq by U.S. airstrikes.

There were no claims that the ship was polluting the atmosphere and that they were finding a diplomatic solution to ensure the ship’s release, a spokesman for the Ministry of Foreign Affairs said.He said he will embark on a pre-planned trip to Tehran early next week, with Iranian officials trying to prevent South Korean banks from releasing billions of dollars, but now there are rumours that Korea has sent a warship to the Hurmuz Gulf.Reports say South Korea has sent a warship to the Strait of Hormuz with anti-piracy troops. The ship is close to the scene of the hijacking and wants to ensure the safety of its residents, according to Korean officials.