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South Korea Says It's Making Efforts to Transfer Iran's Frozen Funds

South Korea's Foreign Minister Park Jin attends a press conference with Türkiye's Foreign Minister Hakan Fidan (not seen) in Ankara, Türkiye, July 29, 2023. REUTERS/Cagla Gurdogan/File Photo
South Korea's Foreign Minister Park Jin attends a press conference with Türkiye's Foreign Minister Hakan Fidan (not seen) in Ankara, Türkiye, July 29, 2023. REUTERS/Cagla Gurdogan/File Photo
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South Korea Says It's Making Efforts to Transfer Iran's Frozen Funds

South Korea's Foreign Minister Park Jin attends a press conference with Türkiye's Foreign Minister Hakan Fidan (not seen) in Ankara, Türkiye, July 29, 2023. REUTERS/Cagla Gurdogan/File Photo
South Korea's Foreign Minister Park Jin attends a press conference with Türkiye's Foreign Minister Hakan Fidan (not seen) in Ankara, Türkiye, July 29, 2023. REUTERS/Cagla Gurdogan/File Photo

Efforts are under way to transfer Iran's funds that had been frozen in South Korea, foreign minister Park Jin said, after Tehran reached a deal with the United States to release American citizens in return for freeing Iranian assets.
Park told his Iranian counterpart, Hossein Amir-Abdollahian, in a phone conversation on Monday that involved countries were in close communications to resolve the issue, Seoul's foreign ministry said in a statement on Tuesday.
Park and the Iranian foreign minister agreed to expand cooperation between the two countries, it said.
The United States and Iran reached an agreement last month for the release of five US citizens detained in Iran while $6 billion of Iranian assets in South Korea would be unfrozen, Reuters said.
The assets that had been frozen in South Korea were transferred to Switzerland's central bank in August for exchange and transfer to Iran, South Korean media has reported.

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Washington: A Final Warning to Tehran Before Military Action

US President Biden speaks to journalists at the White House, on Thursday. (DPA)
US President Biden speaks to journalists at the White House, on Thursday. (DPA)
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Washington: A Final Warning to Tehran Before Military Action

US President Biden speaks to journalists at the White House, on Thursday. (DPA)
US President Biden speaks to journalists at the White House, on Thursday. (DPA)

In a strikingly timed development, leaks and writings have emerged about discussions in the White House regarding potential military options to hit Iran’s nuclear facilities. These deliberations were reportedly in preparation for the scenario where Tehran moves toward producing a nuclear weapon before January 20, the date President-elect Donald Trump is set to assume office.

According to Axios, National Security Advisor Jake Sullivan presented President Joe Biden with a range of options and scenarios in a confidential meeting several weeks ago. While no new intelligence prompted the meeting and no definitive decision was made, it was part of a contingency planning process in case Iran enriches uranium to 90% purity before Trump’s inauguration. Despite the lack of active discussions on military action, some of Biden’s senior advisors believe the potential acceleration of Iran’s nuclear program, especially following Iran and its proxies’ weakened state in the ongoing conflict with Israel, could compel the US to act.

Biden’s advisors, including Sullivan, reportedly view the degradation of Iran’s air defenses and missile capabilities, coupled with the diminished strength of its regional proxies, as factors that improve the chances of a successful strike while minimizing the risks of Iranian retaliation or regional escalation. An American official clarified that Sullivan did not recommend a strike, and Biden has not approved any military action.

This leak has been interpreted as a stern warning from Washington to Tehran, particularly to its hardline factions, which dominate the domestic power struggle and push for confrontation, including potential shifts in Iran’s nuclear doctrine.

Matthew Levitt, a senior fellow at the Washington Institute for Near East Policy, stated that the Biden administration has been concerned about Tehran exploiting the final days of Biden’s term to advance its nuclear weapons program. To address these fears, a contingency plan was developed, Levitt told Asharq Al-Awsat.

The US Military Stands Ready

Richard Nephew, former deputy special envoy for Iran during the Biden administration, argued that while diplomacy might still offer hope, the US must prepare to use military force if negotiations fail. Nephew warned that a maximum pressure strategy to weaken Iran and force it into talks might provoke Tehran to conceal its nuclear materials, build a bomb, or withdraw from the Nuclear Non-Proliferation Treaty.

Nephew emphasized that striking Iran’s nuclear program could yield strategic benefits beyond simply preventing a dangerous adversary from acquiring nuclear weapons. Such an action could deplete Tehran’s already limited resources, further strain its ability to threaten US interests, and force it to balance rebuilding its nuclear program with replenishing Hezbollah, restoring its missile stockpiles, and addressing its crippling economic challenges—all under continued sanctions.

However, Nephew cautioned that a single strike might not be sufficient to significantly weaken Iran’s nuclear capabilities. Achieving this objective could require multiple rounds of strikes, a prolonged US military presence, and an expanded scope of attacks targeting Iranian decision-makers beyond nuclear facilities.