Confusion About 'High-Level' Visit Tuesday Over Iran's Frozen Funds

While Iran's government news website IRNA Monday reported a high-level visit by a “regional official” to discuss the unblocking of Iran’s funds abroad, the foreign ministry said it has no information.

The IRNA report did not mention who the high-level official is but said the visit would be the last step to execute “the recent agreement” to free $7 billion of Iran’s funds frozen abroad because of United States’ sanctions.

But in an unusual and obvious contradiction, foreign ministry spokesman, Saeed Khatibzadeh in his Monday morning briefing with reporters said his ministry had no knowledge of such a visit. Later, he told the media that an agreement to free some frozen funds does exist.

In the past months, there has been talk of unblocking $7 billion frozen by two South Korean banks after the US imposed banking sanction on Iran in 2018. A Korean diplomat visited Vienna in early January where talks to restore the Iran nuclear agreement were taking place, and met with all delegations.

However, IRNA said that “a framework” has already been agreed to free “a considerable part” of Iran’s blocked funds within a certain time period. It was not clear if the gradual release it mentioned would be about the $7 billion, or more money will be released by other countries, such as Iraq and Japan.

IRNA and other Iranian media reported last week that an agreement was reached, presumably with the US, to free the blocked funds, in what appears to be a deal to free dual nationals kept as hostages in Iran.

Washington has not commented on the Iranian reports, but last month the United Kingdom b paid more than $500 million of an old debt to Iran to free two dual nationals who returned to Britain.