Trump to use frozen Iranian assets to cover Hormuz attacks

President of the United States Donald Trump said Washington will use frozen Iranian assets to pay for damage to ships, cargo and related assets attacked in the Strait of Hormuz. The decision, according to his post on Truth Social on Thursday (23/7), will remain in effect until further notice. Trump did not specify which funds would be used, but earlier Iranian media reports said the US holds about US$2 billion in Iranian assets directly, while Iran's total frozen funds in various countries are close to US$100 billion. Foreign Minister Abbas Araghchi rejected the plan and called the seizure of another country's assets for unrelated claims a dangerous precedent. The tensions followed Iranian attacks on commercial vessels in Hormuz earlier this month, and Trump had previously threatened to bomb Iranian infrastructure if attacks in the strait were repeated.