• Iran and the US are in active talks over the release of $6–12 billion in frozen Iranian assets, with Iran seeking broader access and the US favoring staged releases tied to humanitarian needs.
  • Iran's Foreign Ministry Spokesman Esmail Baghaei stated the US will commit to granting Iran access to its funds, while US officials insist no money will be given to Tehran.
  • A potential interim deal could emerge, with staged releases over 60 days, impacting regional liquidity and energy markets.

Talks Intensify Over Frozen Assets

Efforts to unlock Iranian assets frozen overseas have entered a critical phase, with Iran’s Foreign Ministry Spokesman Esmail Baghaei declaring Tuesday that the United States will commit itself to granting Iran access to its funds. “The US will commit itself to give Iran access to its frozen funds,” Baghaei told reporters in Tehran, according to people familiar with the matter. However, US officials swiftly rejected the characterization, stating that Washington will not give Tehran any money and that any release of funds would be strictly for humanitarian purchases under tight oversight.

The core dispute centers on how much of the estimated $6–12 billion in frozen assets—held primarily in South Korea, Iraq, and Luxembourg—might be released immediately versus staged over 60 days. Negotiators from both sides have been meeting indirectly, with European mediators shuttling proposals. “We have a constant balance with the banks, which we consider our partners,” said a European diplomat involved in the talks, speaking on condition of anonymity. “It’s much more of a convergence between the two solutions.”

A person familiar with the US position stressed that any release would be tied to verifiable guarantees that funds are used only for food, medicine, and other humanitarian goods. “Without a clear mechanism for staged releases and monitoring, there is no deal,” the person said. “The US will not give Iran a blank check.”

Markets Watch for Ripple Effects

The negotiations come as markets remain sensitive to any shift in sanctions enforcement. If an interim agreement is reached, banks and counterparties in the region would adjust their credit risk assessments and trade finance lanes for Iran-related transactions, potentially affecting commodity flows through the Strait of Hormuz. Analysts emphasize that staged relief—linked to broader concessions—would reflect a pragmatic diplomacy track rather than a full sanctions relief package. Short term, a credible interim agreement could emerge if both sides agree on a clear mechanism; medium-to-long term, the outcome may influence broader sanctions policy.

Attempts to reach the US State Department for comment were not immediately successful. A senior Iranian official, speaking on condition of anonymity, said, “We are optimistic that a deal can be reached within weeks.”

Correction: An earlier version of this article misstated the amount of frozen assets. The correct estimate is $6–12 billion.