US to Release $12B in Frozen Iranian Assets After Talks

The United States has agreed to release $12 billion in frozen Iranian assets previously held in international banks.

Iran's Parliament Speaker and chief negotiator, Mohammad Bagher Ghalibaf, officially confirmed the agreement on Tuesday, June 23. The breakthrough was achieved following an 18-hour diplomatic marathon with the United States in Switzerland, heavily mediated by Pakistan and Qatar.

Under the agreement, US sanctions on Tehran's fuel oil and petrochemical exports have been temporarily eased. The US Treasury Department confirmed that Iran is legally permitted to sell its oil and petrochemical products on the international market until August 1. In exchange, Washington required Tehran to grant International Atomic Energy Agency (IAEA) inspectors full access to monitor its nuclear programs.

Following the deal, US President Donald Trump claimed the released funds should be used exclusively to purchase American agricultural products. However, the Central Bank of Iran swiftly rejected this demand.

The bank clarified that Tehran cannot be compelled to buy US agricultural goods, emphasizing that Iran will independently decide how to allocate the recovered funds.