• Iran's lead negotiator claims the US has committed to providing access to frozen assets, but Washington denies any direct payment.
  • Talks are progressing toward an interim deal that could unlock $6–12 billion for humanitarian purposes, contingent on compliance.
  • The standoff highlights ongoing tensions over sanctions relief, with both sides signaling conditional approaches.

Mixed Signals in Tehran and Washington

Iranian Foreign Ministry spokesperson Esmail Baghaei stated on Wednesday that the United States has committed to granting Iran access to its frozen funds abroad, though he acknowledged the US would not directly disburse money to Tehran. “The Americans have assured us that they will facilitate the release of our assets, but they insist no cash will change hands,” Baghaei said in a press briefing. The US Treasury, contacted for comment, reiterated that no direct payments are planned and any asset release would be structured through humanitarian channels.

Negotiators have been haggling over the scope and timing of asset unfreezing, with Iran pushing for immediate access to a larger portion of its estimated $6–12 billion in frozen reserves. US officials have countered with a phased approach tied to verifiable steps on nuclear commitments and regional de-escalation. According to people familiar with the matter, a proposed framework would unlock funds in two tranches over 60 days, with the first tranche—roughly $3 billion—earmarked for humanitarian imports. “The US is willing to ease liquidity constraints, but only if Tehran shows it can keep the money out of malign activities,” a European diplomat involved in the talks said.

The negotiations come as Iran’s economy struggles under persistent sanctions, with inflation above 40% and the rial under pressure. Any partial access could provide temporary relief by easing import financing and stabilizing essential goods prices. However, analysts caution that without broader sanctions relief, the impact will be limited. “This is a lifeline, not a cure,” said a Gulf-based economist tracking the talks. “The real test will be whether Iran can turn this into a platform for more comprehensive engagement.”

Regional actors are watching closely, as any deal could reshape financial flows in the Middle East. Gulf states have privately expressed concerns about funds being diverted to Tehran’s proxies, though US and European officials say the humanitarian mechanism includes strict oversight. Meanwhile, domestic political pressures weigh on both sides: in Washington, critics argue the administration is easing pressure too soon, while in Tehran, hardliners see any concession as a sign of weakness.

Attempts to reach Iran’s mission to the UN for additional comment were unsuccessful. The talks are expected to resume in Geneva next week, with both sides aiming to finalize an interim agreement before the summer recess. If no deal is reached, Iranian officials have warned of a potential escalation in enrichment activity—a threat that adds urgency to the negotiations.

Correction: A previous version of this article misstated the potential amount of frozen funds. Iran's frozen assets are estimated at $6–12 billion, not $10–15 billion.