• Iran's Foreign Ministry spokesman Esmaeil Baghaei claims the US has committed to providing Iran access to its frozen assets, but Washington insists no money will be handed over directly.
  • Talks center on a staged release of an estimated $6–12 billion in frozen Iranian funds, tied to verified humanitarian use and broader compliance terms.
  • Unconfirmed reports of a 14-point memorandum circulate, though both sides have not officially confirmed the details, leaving the mechanism and timeline fluid.

Staged Access, No Transfer

Iran’s Foreign Ministry spokesman Esmaeil Baghaei said Thursday that the United States has committed to granting Iran access to its frozen funds, but stressed that Washington will not transfer any money directly to Tehran. Instead, the mechanism would allow Iran to draw on the assets for approved humanitarian purchases, with funds held in escrow or third-country accounts. According to people familiar with the matter, discussions are exploring a phased release—potentially an initial tranche of $6–12 billion—with additional amounts freed in stages contingent on Iranian compliance with agreed terms.

Baghaei’s remarks come amid a fresh round of indirect talks between the two countries, focused on a possible interim deal to ease sanctions pressure and reduce regional tensions. The US has long insisted that any relief must be tied to verifiable steps by Iran, including curbs on its nuclear program and support for proxy forces. “We are not giving Iran money; we are enabling them to use their own funds for essential imports,” a US official familiar with the matter said, speaking on condition of anonymity. The official added that the structure is designed to prevent any direct transfer that could be used for military purposes.

Unconfirmed Memorandum Details

State-aligned media in Iran have circulated details of a proposed 14-point memorandum that outlines timelines and amounts for the asset release, though neither Washington nor Tehran has confirmed the text. According to the unconfirmed reports, the agreement would include mechanisms for monitoring fund usage, with the US retaining the right to halt releases if Iran fails to adhere to the terms. The lack of official confirmation has left the exact mechanics—including which banks will hold the funds and what safeguards will be in place—uncertain.

“The situation is still fluid,” said a regional diplomat familiar with the negotiations. “Both sides are trying to find a formula that provides enough relief to Tehran to keep them at the table, without giving away too much leverage.” The talks have been complicated by broader geopolitical tensions, including Iran’s drone sales to Russia and ongoing protests at home.

Implications for Markets and Policy

For Iran, access to even a portion of its frozen assets could help ease balance-of-payments pressures, particularly for imports of food and medicine. But the impact will depend on how quickly the funds become available and whether restrictions limit their use. For global energy markets, progress toward a deal could reduce the risk of supply disruptions, while a breakdown might heighten tensions and risk premiums. Analysts caution that the outcome remains unpredictable, with hardliners in both capitals wary of compromise.

Repeated attempts to reach Iranian and US officials for further comment on the memorandum details were unsuccessful. As of press time, no official statements confirming the text or its terms have been issued.

Correction: An earlier version of this article incorrectly attributed a quote directly to a US official; the quote has been revised to reflect an anonymous official familiar with the matter.