What to know about Iran’s billions of dollars in frozen funds

Iranian parliamentary speaker Mohammed Ghalibaf has for weeks insisted that unlocking access to his country’s money should be a confidence-building measure, if not a precondition, for talks with the US. 

The issue now appears to be on the table during this latest and seemingly most aggressive round of diplomacy to date, towards a long-term end to the war, reopening the Strait of Hormuz, and paring down Iran’s nuclear capability.

Reports from earlier this week suggest that up to 25 percent of all of Iran’s frozen funds globally could be released by the US if Iran surrenders 400 kilograms of enriched uranium and shuts down its nuclear facilities. 

But given that both demands could be non-starters, Iran is said to be requesting access to a lesser $12bn of its frozen funds. 

What we know for sure is that both Ghalibaf and Iran’s central bank chief travelled to Qatar on Monday to discuss the release of some $6bn that has been held in the Gulf state since September 2023, which may signal a potential breakthrough.

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