Explainer: What are Iran's frozen assets and why do they matter?
More than $100bn of Iran's assets are being held overseas. Tehran cannot freely access those funds. Frozen assets are funds or financial holdings that cannot be used because of sanctions or other restrictions. In Iran's case, the funds are mainly oil revenues and foreign currency reserves held in banks abroad. Estimates put the total at more than $100bn, although the exact amount is unknown.Most of the funds are held in countries that have purchased Iranian oil, including China, Iraq, Japan, South Korea and parts of Europe. The US imposed sanctions on Iran in 1979 after protesters seized Washington's embassy in Tehran. They were later expanded over Iran's nuclear and missile programmes. Tehran can only access its funds through sanctions relief or special agreements. In 2023, the US issued a waiver that allowed $6bn to be transferred from South Korea to Qatar as part of a prisoner swap deal. Iran could only use the money for approved humanitarian purchases.
Three years later, this war has renewed Iran's focus on its funds abroad to boost its struggling economy. After negotiations in Switzerland, the US has said it would make those frozen funds "fully available." Iran says for now, the US has agreed to release $12bn, in two tranches of $6bn each. Washington says it will control the funds and that the money will be used to buy US agricultural products like corn and wheat. But Tehran says it will decide how it spends its money.
Al Jazeera's Michael Apple explains.
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