Wednesday, July 14, 2021
Biden State Department waives sanctions on Iranian oil trade, freeing up cash assets in Asia | Just The News
Biden State Department waives sanctions on Iranian oil trade, freeing up cash assets in Asia | Just The News: The State Department is waiving sanctions on Iranian oil trade, allowing the Middle Eastern nation to access funds that were formerly frozen in South Korea and Japan.
The decision, signed off on by Secretary of State Antony Blinken, will permit the "transfer of Iranian funds in restricted accounts to exporters in Japan and Republic of Korea," according to the statement that was delivered Tuesday to Congress.
The waiver reads: "Allowing these funds to be used to repay exporters in these jurisdictions will make those entities whole with respect to the goods and services they exported to Iran, address a recurring irritant in important bilateral relationships, and decrease Iran’s foreign reserves."
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