Iran Seeks $24 Billion Assets Release In US Deal, Pushes For $12 Billion In First Phase

Iran is seeking the release of around $24 billion in frozen funds held abroad as part of talks with the United States aimed at ending the war, Iranian media reported on Tuesday.

According to the Tasnim news agency, Tehran’s negotiators are seeking access to the funds under a proposed 14-point settlement framework, which Iran says is being drawn up to end the conflict that began on February 28 after joint US-Israeli strikes on Tehran triggered the war.

The report said about half of the total sum — roughly $12 billion — should be released in the first stage once the agreement is announced.

“Iran’s frozen assets are to be released during the course of the negotiations, and this amount is estimated at $24 billion in accordance with the 14-point memorandum

of understanding,” Tasnim quoted an unnamed source close to the negotiating team as saying.

The same source added that $12 billion should be made available at the beginning of the process.

A senior Iranian delegation, including top negotiator Mohammad Bagher Ghalibaf, Foreign Minister Abbas Araghchi, and Central Bank Governor Abdolnaser Hemmati, arrived in Qatar on Monday for discussions linked to the proposed deal.

On Tuesday, Tasnim said Ghalibaf’s visit aimed at “reaching an understanding” on how Iran’s demand would be implemented and how the first tranche of funds would be accessed.

There is no confirmed official figure for Iran’s total frozen assets abroad, but Iranian media estimates suggest the value could range between $100 billion and $123 billion.

In a previous arrangement in 2023, around $6 billion of Iranian funds held in South Korea were transferred to Qatar under a separate deal tied to the release of detained American citizens.

However, those funds were later frozen again as tensions between Washington and Tehran escalated following the Hamas attack on Israel on October 7, 2023, which sparked the Gaza war.

(With inputs from agencies)