US Agrees to Release Frozen Iranian Assets in Iraq

Iraq's Foreign Minister Fuad Hussein and Ali Shamkhani, secretary of Iran's Supreme National Security Council during a meeting in Tehran.
Iraq's Foreign Minister Fuad Hussein and Ali Shamkhani, secretary of Iran's Supreme National Security Council during a meeting in Tehran.
TT

US Agrees to Release Frozen Iranian Assets in Iraq

Iraq's Foreign Minister Fuad Hussein and Ali Shamkhani, secretary of Iran's Supreme National Security Council during a meeting in Tehran.
Iraq's Foreign Minister Fuad Hussein and Ali Shamkhani, secretary of Iran's Supreme National Security Council during a meeting in Tehran.

Secretary-General of the Iran-Iraq Joint Chamber of Commerce Hamid Hosseini revealed on Friday that the US has agreed to release frozen Iranian assets in Iraq.

"After the recent visit of the Iraqi Foreign Minister to Iran, the issue of releasing Iranian resources came to an end and Iraqi officials announced that some of these resources were released through various banks."

In remarks on Twitter, he cited Iraqi sources to confirm that Washington had agreed to release Iranian resources at the Trade Bank of Iraq.

"Several transactions have taken place," according to Hosseini.

Earlier, Iraqi Foreign Minister Fuad Hussein informed secretary of Iran's Supreme National Security Council Ali Shamkhan that efforts were being exerted to repay debts to Iran "soon."

Last month, Iran also held talks to release its frozen assets in South Korea and Japan.

South Korea and Iran have agreed a way forward that could see billions of dollars of frozen oil money unblocked, amounting to $7 billion. However, Seoul said it was seeking Washington's green light.



India’s Navy Launches Submarine, Warships to Guard against China’s Presence in Indian Ocean

A view of the Indian Navy's three frontline vessels during the commissioning ceremony in Mumbai, India, 15 January 2025. (EPA)
A view of the Indian Navy's three frontline vessels during the commissioning ceremony in Mumbai, India, 15 January 2025. (EPA)
TT

India’s Navy Launches Submarine, Warships to Guard against China’s Presence in Indian Ocean

A view of the Indian Navy's three frontline vessels during the commissioning ceremony in Mumbai, India, 15 January 2025. (EPA)
A view of the Indian Navy's three frontline vessels during the commissioning ceremony in Mumbai, India, 15 January 2025. (EPA)

India's navy on Wednesday simultaneously launched a submarine, a destroyer and a frigate built at a state-run shipyard, underscoring the importance of protecting the Indian Ocean region through which 95% of the country's trade moves amid a strong Chinese presence.

Defense Minister Rajnath Singh said that the Atlantic Ocean’s importance has shifted to the Indian Ocean region, which is becoming a center of international power rivalry.

“India is giving the biggest importance to making its navy powerful to protect its interests,” he said.

“The commissioning of three major naval combatants marks a significant leap forward in realizing India’s vision of becoming a global leader in defense manufacturing and maritime security,” Prime Minister Narendra Modi said while commissioning the vessels at the state-run Mazagon dockyard in Mumbai.

The situation in the Indian Ocean region is challenging with the Chinese navy, India’s main rival, growing exponentially, said Rahul Bedi, a defense analyst.

Bedi said that the INS Vagsheer submarine, the sixth among a French license-built Kalvari (Scorpene)-class conventional diesel-electric submarines, is aimed at replacing aging Indian underwater platforms and plugging serious capability gaps in existing ones. India now has a total of 16 submarines.

The P75 Scorpene submarine project represents India’s growing expertise in submarine construction in collaboration with the Naval Group of France, Bedi said.

India’s defense ministry is expected to conclude a deal for three additional Scorpene submarines to be built in India during Modi’s likely visit to Paris next month to attend the Artificial Intelligence Action Summit hosted by French President Emmanuel Macron.

However, the first of these boats, according to the Indian navy, is only likely to be commissioned by 2031.

India commissioned its first home-built aircraft carrier in 2022 to counter regional rival China’s much more extensive and growing fleet and expand its indigenous shipbuilding capabilities.

The INS Vikrant, whose name is a Sanskrit word for “powerful” or “courageous,” is India’s second operational aircraft carrier. It joins the Soviet-era INS Vikramaditya, which India purchased from Russia in 2004 to defend the Indian Ocean and Bay of Bengal.