Frozen funds at centre of South Korea tanker seizure could be freed

After consulting the US, South Korea may release the billions of dollars in Iranian funds frozen in domestic banks that prompted the seizure of a tanker in January.

None of the money — which is said to total anywhere from $7bn to $8.5bn — has been transferred yet, but US Department of State officials told South Korea's Yonhap News Agency that there may be discussions to that end.