• Iran's chief negotiator Abbas Baghaei stated that the U.S. has committed to giving Tehran access to its frozen funds, but Washington insists no money will be handed over.
  • Negotiations center on a phased, partial release of an estimated $6–12 billion in Iranian assets held abroad, tied to humanitarian safeguards and compliance.
  • An interim framework is under discussion, but no final deal has been publicly disclosed as of mid-June 2026, leaving markets and diplomats in wait-and-see mode.

Iran’s top negotiator Abbas Baghaei declared on Thursday that the United States will commit itself to provide Iran access to its frozen funds held in international banks, a statement swiftly countered by U.S. officials who insisted Washington would not give Tehran any money. The contradictory signals underscore the delicate, ongoing talks between the two nations, which have been discussing a potential interim agreement to ease sanctions in exchange for limits on Iran’s nuclear program.

According to people familiar with the matter, the discussions focus on a staged release of Iranian assets—estimated between $6 billion and $12 billion—that have been frozen under U.S. sanctions. The framework, described as a “pay-for-performance” model, would tie each tranche to verifiable compliance steps by Tehran, with funds earmarked for humanitarian purposes such as food and medicine. “It’s not a cash handout; it’s a controlled mechanism to ensure the money goes where it’s needed,” a European diplomat involved in the talks said. However, Baghaei’s characterization of a U.S. “commitment” has raised eyebrows, as American negotiators have repeatedly stressed that any release would be conditional and incremental.

The backdrop to these negotiations is a broader push by the Biden administration to de-escalate tensions with Iran without fully dismantling the sanctions architecture. European and regional actors have been pressing for a temporary framework that could reduce the risk of confrontation while buying time for a more comprehensive deal. “Both sides have an interest in lowering the temperature, but trust remains low,” said a former U.S. official familiar with the talks. The assets in question, primarily held in South Korea, Iraq, and other nations, have been a long-standing irritant for Tehran, which cites economic hardship as a result of their freezing.

Financial markets have reacted cautiously. Oil prices edged lower on Thursday amid the news (XOM), as traders weighed the possibility of increased Iranian exports if sanctions are eased. However, analysts caution that any impact will hinge on the actual implementation details. “The devil is in the timeline and the triggers,” said a commodities strategist at a major bank. “If the releases are slow and tightly monitored, the effect on global supply will be muted.”

Efforts to reach the U.S. Treasury Department for comment were unsuccessful. Iran’s central bank has not publicly commented on Baghaei’s remarks. The negotiations remain fluid, with both sides likely to maintain a public posture of maximalist demands while exploring compromise behind closed doors. As one insider put it, “Announcements are easy; execution is everything.”

Correction: An earlier version of this article misstated the estimated range of frozen funds. The range is $6–12 billion, not $10–15 billion.