- Iran, US agreed on $12 billion frozen assets release.
- Technical talks concluded, paving way for broader conflict negotiations.
Iran’s chief negotiator and Parliament Speaker Mohammad Ghalibaf on Tuesday announced that an agreement had been reached with Washington to release $12 billion in frozen Iranian assets.
US President Donald Trump said the unfrozen funds would be used to purchase American agricultural products. Speaking from the Oval Office, Trump said the money would be spent exclusively on food imports from US farmers, including corn, soybeans and other essential commodities.
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‘Technical Level Talks Concluded’
Iran has said that technical talks with the United States and mediators in Switzerland have concluded successfully, laying the groundwork for the next phase of negotiations aimed at ending the conflict that has lasted for more than 100 days.
Deputy Foreign Minister Kazem Gharibabadi, who headed Iran’s technical negotiating team, said the four-party discussions ended with an agreement on the framework for future talks, including the formation of working groups and mechanisms for implementation, according to Iran’s state-run IRNA news agency.
The discussions followed a high-level committee meeting on Sunday that reviewed implementation of the Islamabad Memorandum of Understanding, a framework agreement signed virtually by the US and Iranian presidents on June 17 with the aim of ending the conflict.
Gharibabadi said the technical negotiations focused on translating the memorandum and the conclusions of the high-level meeting into practical arrangements. “The necessary understandings were reached regarding implementation mechanisms,” he said.
US Grants 60-Day Waiver For Iranian Oil Sales
In a further sign of easing tensions, the US Treasury Department announced a 60-day waiver allowing Iran to export oil and petrochemical products.
Analysts described the move as a significant departure from longstanding US policy towards Iran’s energy sector. Although Tehran continued selling oil despite sanctions, it often had to offer steep discounts due to concerns among buyers about violating US restrictions. The temporary waiver now allows Iran to access global markets under less restrictive conditions, potentially generating substantial revenue for its economy.
However, US officials have stressed that broader sanctions relief will remain contingent on Iran meeting the commitments outlined in the agreement.
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The negotiations also addressed the Strait of Hormuz, a strategic waterway through which roughly one-fifth of the world’s energy supplies pass. Tehran has agreed to establish a direct communication mechanism with Washington to help ensure safe navigation through the strait.
Despite this, Ghalibaf signalled that Iran’s approach to the waterway would not simply revert to pre-conflict arrangements.
“Everyone should understand that administration of the Strait will not return to the way it was before the war, although we will fully comply with international law,” he said while returning from the Swiss talks.
During the conflict, Iran tightened its control over the narrow shipping route, including through threats and actions targeting vessels transiting the waterway, as part of its response to the US-Israel military campaign against Tehran.
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