Iranian state television reported a draft agreement between Tehran and Washington that could lead to the release of $12 billion in frozen Iranian assets held abroad within 60 days. This report, which cited an unofficial version of the text, comes amid ongoing tensions and indirect negotiations aimed at reviving the 2015 nuclear agreement.
Historical background of sanctions and frozen assets
The issue of frozen Iranian assets dates back to decades of sanctions imposed by the United States and other countries on Iran, but it worsened significantly after the administration of former US President Donald Trump withdrew from the Joint Comprehensive Plan of Action (JCPOA) in 2018. This withdrawal led to the reimposition of harsh economic sanctions as part of the “maximum pressure” campaign, which targeted vital sectors such as oil and banking, resulting in the freezing of tens of billions of dollars of Iranian oil revenues in foreign banks in countries such as South Korea, Iraq, Japan and China, for fear of US sanctions.
Details of the alleged draft agreement
According to the Iranian state broadcaster IRIB, the draft agreement under negotiation would require the United States to grant Iran full access to $12 billion of its assets. The proposal stipulates that these funds could be transferred and spent in banks within Iran or in countries chosen by Tehran without any restrictions. This issue is a key point of contention in any negotiations, as Iran seeks concrete guarantees for the effective lifting of sanctions, allowing it to utilize its financial resources to bolster its struggling economy.
Potential economic and political importance
The release of these funds, even partially, represents a lifeline for the Iranian economy, which is suffering from high inflation and a plummeting currency. Domestically, this liquidity could help stabilize markets and ensure the availability of essential goods, potentially mitigating public discontent. Regionally, Iran's neighbors, particularly the Gulf states and Israel, are closely monitoring these developments, with some fearing that Tehran might use the funds to further finance its proxies in the region. Internationally, any progress on this issue could be seen as a goodwill gesture paving the way for broader negotiations on Iran's nuclear program and other security matters.
The American position and surrounding doubts
Despite the Iranian report, there has been no official confirmation from Washington. Such media leaks are often part of the negotiating strategy of both sides. The White House has previously denied similar reports, emphasizing that any sanctions relief is directly linked to Iran's return to full compliance with its nuclear commitments. Former US President Donald Trump also stated that any agreement would not include an exchange of funds until further notice, reflecting the significant complexities surrounding the issue. The negotiations remain fraught with challenges, with the lack of trust between the two sides representing the biggest obstacle to reaching a lasting solution.
