Iran's Islamic Revolutionary Guard Corps (IRGC) seized a South Korean flagged tanker and its crew in the Strait of Hormuz, while pressing Seoul to release $7 billion in funds frozen as a result of U.S. sanctions. Iran denied that it was holding the MT Hankuk Chemi and its crew as hostages, claiming that the ship was held as a result of environmental violations. According to Iranian and South Korean news agencies, Iran is seeking to use the funds to finance the purchase of coronavirus vaccines.