• Iran’s Deputy Foreign Minister Baghaei claims the U.S. has agreed to grant Iran access to its frozen assets, though U.S. officials insist no money will be handed over unconditionally.
  • Talks focus on an interim deal that could release $12-$25 billion in stages, tied to verifiable compliance steps by Tehran.
  • The dispute highlights deep mistrust: Tehran sees the funds as a right, while Washington frames any release as conditional humanitarian relief.

New Signals in U.S.-Iran Asset Talks

Iran’s Deputy Foreign Minister for Political Affairs, Majid Baghaei, said on Tuesday that the United States has committed to providing Iran access to its frozen overseas funds, according to Iranian state media. “The U.S. will commit itself to give Iran access to its frozen funds,” Baghaei was quoted as saying, adding that negotiations are ongoing to finalize the mechanism. However, a U.S. official speaking on condition of anonymity pushed back, stating: “The U.S. will not give Tehran any money. Any access to assets would be conditional, phased, and strictly for humanitarian purposes, linked to verifiable steps by Iran.” The conflicting statements underscore the fragile state of talks aimed at de-escalating tensions between the two countries.

Negotiations have reportedly zeroed in on an interim arrangement that would release portions of Iran’s estimated $100-$150 billion in assets held abroad—mostly in South Korea, Iraq, and Luxembourg—over a defined period. Iranian negotiators have floated figures of $12 billion immediately and up to $25 billion within 60 days, according to people familiar with the matter. In exchange, Tehran would commit to specific compliance measures, including curbs on its nuclear program and regional activities. “We are discussing a framework that ensures transparency and humanitarian access, not a blank check,” one European diplomat involved in the talks said.

The asset issue has been a recurring flashpoint in U.S.-Iran relations. After the U.S. withdrew from the 2015 nuclear deal in 2018, it reimposed sanctions that locked up billions of Iran’s oil revenues abroad. Tehran has long sought access to these funds, which it says are needed to finance imports of food, medicine, and other essentials. Critics in Washington argue that any release could be diverted to support militant proxies or bypass sanctions.

Analysts caution that even if an interim deal is reached, its impact may be limited. “This is a liquidity injector, not a broad sanctions relief,” said Henry Rome, an Iran analyst at the Eurasia Group. “The funds will likely be channeled through a restricted account, monitored by a third party, and used only for approved humanitarian goods.” Still, the talks represent a rare moment of potential compromise after months of stalemate. “Both sides are feeling the pressure to show some progress,” Rome added.

Baghaei’s comments, however, reflect a gulf in expectations. While he portrayed the U.S. commitment as a diplomatic victory, Washington’s insistence on no unconditional payment suggests any deal will face a tough sell in both capitals. “We’ve been here before,” said a former U.S. State Department official who worked on Iran policy. “Announcements of breakthroughs often precede a collapse because the details are too politically costly for either side.”

Efforts to reach Baghaei for further comment were unsuccessful. The talks are expected to continue in the coming weeks, with both sides aiming to finalize a memorandum of understanding, though public confirmation of any agreement remains elusive.