• Iran says the US has committed to granting access to its frozen assets, but Washington denies any direct cash payment.
  • Ongoing negotiations center on the release of billions in oil revenues, with the US pushing for phased disbursement tied to humanitarian uses.
  • Any interim deal could provide short-term liquidity for Tehran while conditioning broader relief on future compliance.

Iran’s top negotiator, Abbas Araghchi, claimed Thursday that the United States has agreed to give Tehran access to its frozen funds abroad, though US officials insist no money will be handed directly to the Iranian government. The conflicting statements underscore the delicate diplomacy as both sides seek a breakthrough in talks that have dragged on for months.

“The Americans have committed to allow us to use our own money,” Araghchi told state television, declining to specify the amount or timeline. “This is a right that has been denied to us unjustly.” A US State Department spokesperson, speaking on condition of anonymity, countered: “Let’s be clear: no funds are being given to Iran. Any arrangement would ensure that funds are used for verified humanitarian purchases and would be subject to strict oversight.”

According to people familiar with the matter, the discussions involve roughly $6 billion in oil revenues held in escrow accounts in South Korea and Iraq, among other nations. The US is said to be open to a structured release mechanism modeled on past humanitarian channels, such as the Swiss humanitarian trade arrangement, rather than an outright transfer of cash. Iran, however, is pushing for faster access to alleviate its foreign currency crunch and tame inflation, which hit 40% last month.

“The real sticking point is not whether the funds are released, but how,” said an analyst at a Washington-based think tank, who requested anonymity due to the sensitivity of the talks. “Iran wants immediate liquidity; the US wants this to be a measured, reversible step that pressures Tehran to negotiate on nuclear and regional issues.”

Behind the scenes, negotiators have been trading proposals for weeks in what one European diplomat called “a very intense and sometimes heated process.” Iran’s insistence on unfettered access has clashed with US concerns about funds potentially being used to support proxies or military programs. Economic pressure remains a cornerstone of Washington’s policy, but with Iranian oil exports already rising — averaging 1.5 million barrels per day in May, per tanker tracking data — some officials see an opportunity to freeze those gains in exchange for verified behavior changes.

Blackstone’s Andrea Valeri might not be involved, but the same search for regulatory stability applies: for foreign investors eyeing Iran, any deal that eases sanctions could unlock significant opportunities ... if the terms survive implementation. For now, however, the two sides remain locked in a public argument over semantics — access versus cash — while the real decision awaits compromise.

Reactions and Next Steps

The debate has spilled into financial markets, with Iran’s rial strengthening slightly on the news before paring gains. A senior Iranian central bank official told Reuters that “any release of funds will be used to stabilize the currency and import essential goods, not to line the pockets of officials.” The US Treasury has signaled it would announce a monitoring mechanism should agreement be reached, likely including independent auditors and restrictions on dual-use goods.

Without a deal, Iran’s economic strain will continue, though it has managed to adapt through barter trade and crypto channels. The broader geopolitical context — including stalled nuclear talks and tensions in the Persian Gulf — still hangs over every dollar. As one former US official put it: “This is small compared to the nuclear program; but if they can’t even agree on humanitarian funds, how can we expect them to agree on enrichment?”

Correction: A previous version of this article incorrectly stated that Iran had confirmed the amount of frozen funds. The figure of $6 billion is based on estimates by independent analysts.