U.S. President Donald Trump sits during the signing of a proclamation about the fishing industry as Kimberlyn King-Hinds, Republican delegate of the Northern Mariana Islands, left, Commerce Secretary Howard Lutnick, second from right, and Interior Secretary Doug Burgum flank the Resolute Desk in the Oval Office of the White House in Washington on June 11.AP/YONHAP
The Donald Trump administration plans to unfreeze about $6 billion in Iranian funds transferred from Korea to Qatar, signaling that billions more held in other countries could be released if Tehran takes further steps to curb its nuclear program.
"The Trump administration will allow Iran to access $6 billion of its oil money held in Qatar to buy humanitarian and nonsanctioned goods from the U.S. under an interim deal between Tehran and Washington," the Financial Times reported Friday.
Earlier on Wednesday, U.S. President Donald Trump defended the interim deal with Iran while speaking to reporters after the Group of Seven summit. He stated that his administration will release frozen Iranian funds and lift sanctions “as soon as they behave.”
Korea had originally imported Iranian crude oil and deposited the payments in won-denominated accounts held in the name of Iran's central bank at Korean commercial banks. However, after Trump withdrew from the Iran nuclear deal — formally known as the Joint Comprehensive Plan of Action — in 2018 and reinstated sanctions on Iran, the funds were effectively frozen beginning around 2019.
The funds were later transferred to an account in Doha, Qatar, after the administration of former U.S. President Joe Biden reached an agreement with Iran in September 2023 to exchange prisoners.
Reuters described the move at the time as part of an effort to ease tensions between Washington and Tehran and create momentum for future nuclear negotiations.
However, discussions stalled after Hamas launched an attack on Israel on Oct. 7, 2023, which triggered a war and worsened instability across the Middle East, resulting in the freezing of the funds that remained in Qatar.
The money is to be released gradually within a 60-day negotiation period that will begin after the memorandum of understanding is formally signed. The pace of implementation could vary depending on progress in negotiations aimed at reopening the Strait of Hormuz and reaching a final agreement.
The funds may only be used for humanitarian purposes not subject to sanctions and limited to purchases of U.S.-made products.
“A U.S. official said Washington would release some frozen assets during the final negotiations provided Iran engaged in ‘good behavior,’ such as handing over its enriched uranium,” the Financial Times noted.
The Iranian flag, atom symbol and words "Nuclear program" are seen in this illustration from June 16, 2025.REUTERS/YONHAP
Hundreds of billions of dollars in Iranian oil revenue are currently frozen at central banks in countries including India, Iraq, China and Japan. The official'sremark suggests that some of those funds could also be released depending on Tehran's actions.
Iran's Mehr News Agency reported on June 13 the details of the 14-point MOU that was shared by a source close to Iran’s negotiating team, which specified the release of frozen Iranian assets, including the “release of $24 billion in Iran's blocked funds during the 60-day final negotiation period, with half of that amount to be made available to Iran before negotiations begin.”
U.S. officials, however, reportedly dismissed the report, saying it misrepresented the actual contents of the negotiations.
Meanwhile, reports emerged that the Trump administration is considering an additional budget allocation of as much as $80 billion to cover military operations related to the Iran war and other government expenditures.
The Wall Street Journal reported on Thursday, citing multiple sources, that U.S. Deputy Defense Secretary Stephen Feinberg discussed the matter during a conference call with members of Congress.
The report stated that lawmakers in both parties remain divided over providing additional funding for a war that began without congressional authorization.
"Some lawmakers have warned that they will not vote to approve additional funding for the war unless Congress votes to authorize military operations, as lawmakers did for the first Gulf War and the Iraq and Afghanistan wars," the Wall Street Journal noted. "The Trump administration never sought congressional authorization for the Iran war, and Democrats have argued it is therefore illegal."
This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
