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South Korea Hopes Iran's Frozen Funds Will Be Resolved Smoothly

South Korean Deputy Foreign Minister Choi Jong-kun and his Iranian counterpart, Ali Bagheri Kani, on the sidelines of the nuclear negotiations in Vienna, January 2022 (File photo: South Korean Foreign Ministry)
South Korean Deputy Foreign Minister Choi Jong-kun and his Iranian counterpart, Ali Bagheri Kani, on the sidelines of the nuclear negotiations in Vienna, January 2022 (File photo: South Korean Foreign Ministry)
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South Korea Hopes Iran's Frozen Funds Will Be Resolved Smoothly

South Korean Deputy Foreign Minister Choi Jong-kun and his Iranian counterpart, Ali Bagheri Kani, on the sidelines of the nuclear negotiations in Vienna, January 2022 (File photo: South Korean Foreign Ministry)
South Korean Deputy Foreign Minister Choi Jong-kun and his Iranian counterpart, Ali Bagheri Kani, on the sidelines of the nuclear negotiations in Vienna, January 2022 (File photo: South Korean Foreign Ministry)

South Korea's foreign ministry said on Friday that it hopes the issue of Iranian frozen funds will be resolved smoothly.

The ministry said it had no information regarding media reports that Iran may free five detained US citizens as part of a deal under which $6 billion in Iranian funds in South Korea would be unfrozen, according to Reuters.

"Our government has been closely consulting with involved countries such as the United States and Iran to resolve the frozen fund issue, and hopes that the issue will be resolved amicably," the ministry said in a statement.

Iran has transferred five Iranian-Americans from the IRGC-affiliated Evin prison to house arrest in exchange for frozen funds in South Korea.

The official Iranian news agency IRNA quoted a source familiar with the matter as saying that the Iranian assets, which were previously held in South Korea, were converted through a Swiss bank.

Sources familiar with the negotiations said the next step would be the transfer of $6 billion in Iranian frozen assets in South Korea to a special account in Qatar which Iran could access only for humanitarian purchases such as food and medicine.

Ties between South Korea and Iran have been tense in the past five years, after South Korea froze over $9 billion in Iranian funds under US sanctions over Tehran’s nuclear program.

On 29 July, Iranian President Ebrahim Raisi submitted a bill to parliament called “The Referral of Dispute between the Central Bank of Iran and the Government of the Korean Republic for Arbitration”.

Shahriar Heydari, deputy head of the Parliament's National Security and Foreign Policy Committee, said in press statements that the draft allows the government to reconsider the diplomatic ties with South Korea.

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World

Nine European Countries and Ukraine Form Anti-Ballistic Missile Coalition

French President Emmanuel Macron (C-L) and Ukrainian President Volodymyr Zelensky (C) pose for a group photo with heads of states and governments ahead of the Coalition of the Willing summit on security guarantees for Ukraine at the Hotel des Invalides in Paris, France, 13 July 2026. (EPA)
French President Emmanuel Macron (C-L) and Ukrainian President Volodymyr Zelensky (C) pose for a group photo with heads of states and governments ahead of the Coalition of the Willing summit on security guarantees for Ukraine at the Hotel des Invalides in Paris, France, 13 July 2026. (EPA)
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Nine European Countries and Ukraine Form Anti-Ballistic Missile Coalition

French President Emmanuel Macron (C-L) and Ukrainian President Volodymyr Zelensky (C) pose for a group photo with heads of states and governments ahead of the Coalition of the Willing summit on security guarantees for Ukraine at the Hotel des Invalides in Paris, France, 13 July 2026. (EPA)
French President Emmanuel Macron (C-L) and Ukrainian President Volodymyr Zelensky (C) pose for a group photo with heads of states and governments ahead of the Coalition of the Willing summit on security guarantees for Ukraine at the Hotel des Invalides in Paris, France, 13 July 2026. (EPA)

Nine European countries and Ukraine on Monday announced the formation of a coalition to develop "purely defensive" anti-ballistic capabilities in Europe, citing the growing threat of ballistic missiles.

Ukrainian President Volodymyr Zelensky was in Paris on Monday for a meeting of Kyiv's allies to reaffirm support for the country and step up pressure on Russia to end the war, now well into its fifth year.

"We believe that the protection of Europe, requires a global solution of integrated missile defense architecture to deter and defeat future missile threats," said the joint declaration by Denmark, France, Germany, Italy, Netherlands, Norway, Spain, Sweden, Ukraine and the United Kingdom.

"By bringing together our defense industrial base, our research, and our operational experience, we aim to build a shared anti-ballistic missile capacity for Europe," it said.

"We do this not against any people, but in defense of our own," it added, citing the "unique experience of Ukraine" whose air defenses have faced repeated Russian ballistic missile strikes in recent weeks.

At least 25 heads of state were due to attend the Paris meeting, with some staying on for the military parade marking France's national public holiday on July 14 which this year will highlight support for Ukraine.

World

US Military Says It Struck Iran Port with Sea Drones

Three boys play in the shallow waters of the Strait of Hormuz, as a plume of smoke rises from an explosion in the background, off Bandar Abbas, Iran, Monday, July 13, 2026. (Razieh Poudat/ISNA via AP)
Three boys play in the shallow waters of the Strait of Hormuz, as a plume of smoke rises from an explosion in the background, off Bandar Abbas, Iran, Monday, July 13, 2026. (Razieh Poudat/ISNA via AP)
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US Military Says It Struck Iran Port with Sea Drones

Three boys play in the shallow waters of the Strait of Hormuz, as a plume of smoke rises from an explosion in the background, off Bandar Abbas, Iran, Monday, July 13, 2026. (Razieh Poudat/ISNA via AP)
Three boys play in the shallow waters of the Strait of Hormuz, as a plume of smoke rises from an explosion in the background, off Bandar Abbas, Iran, Monday, July 13, 2026. (Razieh Poudat/ISNA via AP)

The United States used one-way attack sea drones in combat for the first time to strike the Iranian port of Bandar Abbas, the US military said on Monday.

Three US Corsair drones targeted "a submarine and ship maintenance facility" at the port on Sunday, marking "the first time American forces have employed sea drones in combat operations," US Central Command (CENTCOM) said on X.

The strikes -- which highlight the growing role of drones in US combat operations -- "degraded Iran's ability to continue attacking commercial shipping," CENTCOM said.

The military command's post included a video of sea drones exploding near two piers, sparking fires and sending smoke pouring into the air over the port.

Last month, the US military used a Corsair drone to assist with the rescue of two US Army aviators whose Apache attack helicopter was shot down by Iran.

The Corsair is made by Texas-based Saronic Technologies, which says the 24-foot, diesel-powered "autonomous surface vessel" can be launched at sea, allowing larger ships to deploy and retrieve it without returning to port.

World

US Says will Charge Cargo Ships in Hormuz and Reinstate Blockade

Vessels at the Strait of Hormuz, as seen from Musandam,Oman, July 12, 2026. REUTERS/Stringer
Vessels at the Strait of Hormuz, as seen from Musandam,Oman, July 12, 2026. REUTERS/Stringer
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US Says will Charge Cargo Ships in Hormuz and Reinstate Blockade

Vessels at the Strait of Hormuz, as seen from Musandam,Oman, July 12, 2026. REUTERS/Stringer
Vessels at the Strait of Hormuz, as seen from Musandam,Oman, July 12, 2026. REUTERS/Stringer

US President Donald Trump on Monday vowed to charge all cargo shipped through Hormuz to pay for keeping the strait open, and to reinstate a blockade on Iranian ships.

"The Hormuz Strait is OPEN," he posted. "We are reinstating THE IRANIAN BLOCKADE, so named because it is only stopping Iran's ships or customers from entering or leaving."

He added the United States "will be reimbursed, at the rate of 20% on all cargo shipped, for any and all costs necessary to do the job of providing safety and security" through the vital waterway.