Frozen Funds and Oversight Mechanisms

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Can you ensure that Ukrainians won't use profits from oil sales to rebuild their military ? Well, they're not supposed to be doing that, so I will say, but they're supposed to use money to buy food for their people because right now their people are very hungry and they're buying it exclusively from us. Corn, soybeans, it should be a lot of money. I hope it's a lot of money. You're listening to the forty seven morning update with Ben Ferguson. Good Tuesday morning. Nice to have you with us on the forty seven morning update. We've got a major update on Iran, including the fact that Iran may be buying American soybeans with unfrozen funds. Plus, the strait of Hormuz is actually still open. So where are we right now? We break it down for you. Now before we get to that, I want to talk to you about how you can have a real impact in the world with Compassion International. A few years ago I made the choice to partner with Compassion International to sponsor a child who is in desperate need. 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You can sponsor a child today. Visit compassion . com That's compassion dot com It's a forty seven morning update and it starts right now. Story number one. I want to get you an update on what's happening with a strait of horm uz right now and the Iran deal, which is up and down as the Vice President's trying to salvage this thing and try to get us some good news. But what we are being told right now is that tankers are in fact continuing to move through the Strait of Hormuz despite the Iranian threat . Although Iran proclaimed that the Strait of Hormuz was once again closed on Saturday , tankers continue to move through the Vital Waterway, including very large crude carriers and liquid natural gas tankers as well. That is good news for the world economy. The strait was reopened on Thursday after President Donald Trump and the Iranian Presidents signed their memorandum of understanding, the MOUs , to establish the framework for a unquote peace deal . Just a few days later on Saturday, Tehran announced the straight was closed again because Israel was still fighting Iran 's terrorist proxy Hezbollah in Lebanon , U. S. Central Command Sent Com responded by saying that Iran does not control the Strait of Hormuz, quote, unquote, very simple, then came out with another statement saying traffic continues to flow and US forces are monitoring the situation to ensure this in fact remains the case is what the Sincombe spokesman, Captain Tim Hawkins said in a statement. Now, safe passage through the International Water way remains intact today as fifty five merchant ships transited , moving large amounts of cargo and more than seventeen million barrels of oil to the global market, Simcom said on Saturday . U. S. forces remain present and vigilant to ensure all aspects of the agreement with Iran are adhered to, obeyed, and in full force and effect, the statement continued . Now, Sencom referred to the latest bulletin from the Joint Maritime Information Center , which lowered its risk advisory level for the St rait of Hormuz to moderate and said the strait is quote now open . JMIC posted an update on Sunday that said traffic flows are increasing, so not decreasing , even though Iran said that the strait was closed, well, the number of ships going through increased . They said navigational system interference in wider regional military activity continues to warrant caution. Navigational interference includes hailing and surveillance activity by Iran's Islamic Revolutionary Guard the IRGC. Reuters also reported on Monday that oil and liquid natural gas tankers are indeed moving through the Strait of Hormuz and traffic is picking up . They said four LNG tankers controlled by Qatar headed into the Gulf and through the Strait on Monday while two supertankers, which can carry up to four million barrels of crude alone , cross into the Gulf with one signaling its destination as the Iraqi port of Bazra . The report said that the data from the ship tracker also confirmed that. They said two smaller crew tankers carrying just under two million barrels of oil in total sailed out of the Strait of Hormuz into the Gulf of Oman on Monday , citing a different set of ship tracking data for that. So what we now know , it's pretty clear now that this is apparently what Iran says and their propaganda doesn't actually match reality , I think it's fair to say yet again. Now Reuters also noted that more ships could be passing through the strait with their automatic information system or AI S transponders turned off for safety . They said based on visual observations, traffic does seem to slow considerably after the IRG said that the straight was closed again . Failing following exc,use me , from twenty six ships spotted on Saturday to just five on Sunday . So when they say something like this, it does have an impact. Now the South Korea Ministry of Oceans and Fisheries also said on Monday that two ships operated by South Korea have been able to pass safely through the straits since the MOU was signed. The ministry provided a few further details in the interest of safety because the ships have not yet fully exited what is described as a high risk zone . They mentioned that neither of them is crewed by South Koreans or currently headed for port in South Korea. They listed also intelligence , Lloyd's List intelligence said on Sunday that commercial traffic quote continued to move through the strait over the weekend despite repeated Iranian claims that it had closed the waterway in response to what described as Israel 's violation of a ceasefire because them targeting terrorists in Lebanon. Now, another maritime intelligence company known as Wynwood concurred with its own analysis that traffic through the southern corridor not reflecting any closure . They noted that the straight was nowhere near returning to its pre war traffic loads based on the traffic data. Winward split the analytical difference by observing that high visibility traffic with transponders switched on had stalled even before the ROGC declared the straight was closed on Saturday. So they're turning off their transponders for safety reasons they said twelve transits today down from twenty one on june twentieth, neutral and European tonnage absent five of the seven inbound vessels dark, Winward said. So again, that means that they're turning off their transponders because they feel like that gives them a better chance of safely passing through the strait . They said the current traffic profile is dark, sanctioned and Iran linked resemble the late blockade baseline more than a functioning open straight, the analyst concluded there . So this is what the vice president is having to deal with right now . This is what the president's having to deal with right now. This is what the Trump administration's having to deal with right now. And honestly, this is what the world's having to deal with. Now, Fox News anchors also poured a lot of blunt, I think a fair way of saying it is cold water on Jaddy Vance's Iran deal update and put it this way as they were describing the latest update as Vance said Trump wants to focus on Iran's actions I guess more than their words listen carefully to their words. Okay, the vice president boarding the plane, Air Force two and heading back to the United States after a couple of days of negotiations there in the beautiful part of the world was in Switzerland. With the Iranian delegation, Sanders saying that he's achieved some success in setting up a mechanism to keep the strait of H orn open Moose, though a lot of people would say American firepower is all you need to do that setting up a mechanism to achieve a lasting ceasefire and the fact that the Iranians say that they will allow inspectors to come in terms of their nuclear program , but the vice president there with a caveat that says we don't know exactly what that means. And if history is any guide, it might not mean much. Yeah, adding that it's been a very confusing process to negotiate with the Iranians, but that positive talk about getting that oil moving is what continues to send oil prices lower now near seventy four dollars a barrel. The US stock market is still hovering near all time high. So as long as the messaging continues to be that . You know, we have reason to believe that the White House is happy with what they've seen so far, John . And the word from the administration, and you and I know this because we were on a call with the senior administration official a little more than a week ago is that if this all transpires in the way that the White House hopes it will, it has the potential to transform the Middle East. The Vice President reiterated that again, but he also said, We haven't built the house yet . And I would think of all of the things, all of the houses or all of the buildings that President Trump has built over his long and story career as a real estate developer, building this particular house with the Iranians is probably the toughest challenge he's ever faced. And I'm sure that's all part of the vision . All right, we are going to have much more on that and reaction to it coming up, meanwhile, the judge and the title . So you can hear there. There's a lot of people just scratching their head like the vice president's there with a caveat that says we don't know exactly what that means referring to this, you know, nuclear inspections . And if history is any guide , that might not mean much. Those are the words from Fox News channel. I think it's very interesting how blunt they were there after the viceident Pres kind of gave his update of where we are. We now are being told that the frozen Iranian funds would not be released unless the United States continues to see progress while describing a Qatarist as an oversight mechanism for funds that could be used to buy American soybeans. Vance's remarks came after a reporter asked whether Ran had already agreed that frozen funds could be used to buy American soybeans. Vance replied, yeah. That was something that came up yester day. We actually asked the Qatari to help us set up the mechanism so that we could ensure that the money goes where we want it to go. And they agreed to that. We have a good relationship obviously with them and a good operational oversight mechanism in place. But even with that said , even with the caveat that's going to benefit American farmers and obviously benefit the people of Iran, we want both. But fundamentally, the money is not going to be unfrozen unless we continue to see progress . And that will obviously be a big part of the negotiations in the days to come. Now the comments follow the release of the Memo of Understanding between the United States and Iran, which the White House confirmed after the full text was shared with reporters, the memo said the United States and Iran had jointly agreed in good faith to terms involving the current conflict, the current sanctions, Iran's nuclear program and negotiations towards a quote unquote final deal. The memo also stated the United States would make fully available for use the frozen or restricted funds and assets of Iran upon implementation of the MOU. The two countries would mutually agree on cedures for releasing these funds during the negotiations and the text said that such funds whether kept in the original account or transferred , would be fully usable for payment to any unlimited beneficiary designed by the central bank designated, excuse me , by the Central Bank of Iran. That is where a lot of conservatives started like screaming, I was one of them over this massive red flag. And that's why the question that was asked of there the president was an important one. Now, you can hear the vice president saying, No, no, like, we've got this. Everything's fine. Again, this goes back to the issue of trust, but verify. President Trump was also asked if he would risk worldwide depression and strike Iran again. So again, the media with their doom are gloom questioning continuing. Listen. Is there glorific ation this could cause a worldwide depression, as you noted, Mr. President, are you willing to risk economic catastrophe and strike Iran ? Not the way I'm doing it . We're not going to cause depression. Yes, but if they don't abide by the member. Well, nuclear weapon supersedes depression. Depression's real bad. Nuclear weapon will cause depression