US To Unblock $24 Billion Of Iranian Frozen Assets? Here's What Draft Deal Says

Last Updated:June 12, 2026, 16:58 IST

US and Iran discuss draft deal on 24 billion in frozen funds, lifting US oil sanctions and reopening the Strait of Hormuz, but both sides say no final agreement yet.

A proposed draft agreement between the United States and Iran reportedly includes the release of $24 billion in frozen Iranian funds, the lifting of US oil sanctions and the reopening of the Strait of Hormuz. However, no final deal has been reached, and officials from both sides say negotiations remain ongoing.

According to reports published by Iran’s state-linked Mehr News Agency, the provisions form part of a 14-point draft memorandum of understanding currently under discussion between Washington and Tehran.

What Does the Draft Agreement Contain?

The reported draft calls for several major steps aimed at ending hostilities and restoring economic ties.

According to Iranian media reports, the proposed framework includes:

Release of $24 billion in frozen Iranian fundsSuspension of US sanctions on Iranian oil exportsReopening of the Strait of Hormuz within 30 daysLifting of restrictions on maritime trade and shippingReconstruction assistance for Iran reportedly valued at over $300 billionWithdrawal of all American personnel from Iran

The draft reportedly states that final negotiations would begin only after half of Iran’s blocked funds are released, oil sanctions are suspended and the naval blockade is lifted.

Has the US Approved the Release of Funds?

No.

Despite widespread reports, the release of $24 billion has not been formally approved by the United States. The figure appears only in the draft proposal and remains subject to negotiations.

Neither the White House nor the US State Department has announced any agreement to unfreeze Iranian assets.

Iran Says Text Is Largely Ready

Iranian Foreign Ministry spokesperson Esmaeil Baghaei said major portions of the draft text have been finalized but blamed conflicting US positions for delays.

“Textually, the text has almost been finalised in its major parts. The problem is that the contradictory positions of the United States have always caused turbulence and disruption in this process," Baghaei was quoted as saying by Mehr News Agency.

He said Iran had entered negotiations with “goodwill and responsibility" while accusing Washington of changing positions and introducing new demands during the talks.

Baghaei also alleged that the United States and Israel had repeatedly violated the ceasefire announced in April.

Trump Signals Progress

US President Donald Trump indicated on Thursday that an agreement could be close.

Speaking at the White House, Trump said the United States had “just made a great settlement of the war with Iran," though he stressed that documents were still being finalized.

He also suggested that the Strait of Hormuz would reopen once a final agreement is reached.

The remarks fueled speculation that negotiations have entered an advanced stage, although neither side has confirmed a finalized settlement.

Why Is the Strait of Hormuz Important?

The Strait of Hormuz is one of the world’s most critical energy chokepoints, with a significant share of global oil and liquefied natural gas shipments passing through the narrow waterway.

Its closure during the conflict disrupted shipping and contributed to volatility in global energy markets. Reopening the strait is considered1 a key objective of ongoing negotiations.

Deal Not Final Yet

While reports of the draft agreement have generated global attention, officials on both sides have emphasised that negotiations remain fluid.

Several contentious issues remain unresolved, and no binding agreement has yet been signed.

For now, the reported release of $24 billion in frozen Iranian assets remains a proposal under discussion rather than an approved commitment by Washington.

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