Iran media says negotiators seek $24 billion in frozen asset release in US deal

Iranian media reported Tuesday that Tehran's negotiators were seeking the release of around $24 billion in frozen assets abroad as part of a process aimed at ending the war with the United States.

The report by Tasnim news agency came as a top Iranian delegation held talks in Qatar, after Tehran said it was finalizing a 14-point framework for a deal. The war began with US-Israeli airstrikes against Iran on Feb. 28.

What is Iran asking for in the US negotiations?

Iran is seeking the release of approximately $24 billion in frozen assets held abroad, according to Tasnim. Around half of that sum would need to be made available at the moment a memorandum of understanding is announced.

The demand forms a central plank of Tehran's 14-point framework for ending the conflict with Washington.

Tasnim quoted an unnamed source close to the negotiating team as saying that Iran's frozen assets "are to be released during the course of the negotiations" in line with the memorandum.

The agency was the only Iranian outlet carrying the report. Its figures have not been confirmed by official Iranian government sources.

Who is leading Iran's negotiating team in Qatar?

Top negotiator Mohammad Bagher Ghalibaf arrived in Qatar on Monday alongside Foreign Minister Abbas Araghchi and Central Bank Governor Abdolnaser Hemmati.

Tasnim reported Tuesday that Ghalibaf's visit was aimed at reaching an understanding on implementation of Iran's demands, including access to $12 billion in the first phase. The presence of the central bank governor signals that financial arrangements are a core focus of the talks.

How much of Iran's money is frozen abroad?

There is no official figure for the total amount of frozen Iranian assets abroad. Iranian media have recently estimated the sum at between $100 billion and $123 billion, making the $24 billion demand a fraction of the total.

The exact holdings vary depending on the jurisdiction and the sanctions regime under which funds were frozen.

What happened to Iran's frozen assets in the past?

In 2023, $6 billion in Iranian funds held in South Korean banks was transferred to Qatar pending the release of five American citizens detained in Iran.

The funds were never ultimately released, as relations between Washington and Tehran deteriorated sharply following Hamas's Oct. 7, 2023 attack on Israel, which triggered the Gaza war. That episode now forms a backdrop to the current asset-release discussions.