Iran International
Access to frozen assets has emerged as one of Tehran's key demands in negotiations with Washington, with Iranian officials seeking the release of at least part of the tens of billions of dollars held abroad.
According to recent media reports, negotiators are discussing a package worth roughly $12 billion that could become available if a preliminary agreement with the United States is reached.
The issue matters because even partial access to blocked funds could affect Iran's currency market, imports, government finances and broader economy.
Iranian officials estimate that more than $100 billion in assets remain inaccessible because of sanctions, banking restrictions and legal disputes that have accumulated over decades. Not all of that money would necessarily become available even in the event of an agreement, as some assets remain tied up in court cases and other restrictions unrelated to sanctions.
Iranian Parliament Speaker Mohammad Bagher Ghalibaf recently traveled to Qatar, where discussions reportedly touched on the release of frozen Iranian funds.
Saeed Ajorlou, a member of the media team accompanying Iran's negotiating delegation, said in a televised interview on June 2 that the talks had been successful. He stated that once a framework agreement receives final approval, a portion of Iran's blocked assets should become available to the Central Bank of Iran in a manner that could not easily be reversed.
He also indicated that Tehran is seeking guarantees that access to the funds will continue and has linked the release of assets to the implementation of any future agreement.
Why the funds matter
A large share of Iran's blocked assets consists of oil revenues accumulated in foreign banks after the United States withdrew from the 2015 nuclear agreement in 2018 and reimposed sweeping sanctions.
Secondary sanctions made it difficult for countries purchasing Iranian oil to transfer payments directly to Tehran, causing substantial sums to accumulate in overseas accounts.
Economists say that even partial access to these resources could provide a significant boost to Iran's economy.
One immediate effect would be an increase in the Central Bank's foreign currency reserves, strengthening its ability to manage exchange-rate volatility. Additional funds could also be used to finance infrastructure projects, pay government obligations and support imports of essential goods, industrial equipment, raw materials and technology needed by domestic industries.
South Korea
South Korea once held one of the largest pools of frozen Iranian funds.
Roughly $6 billion in oil revenues accumulated in two South Korean banks before being transferred to accounts in Qatar in 2023 as part of a prisoner-exchange agreement between Tehran and Washington.
Although Iranian officials initially described the funds as released, access has remained subject to significant restrictions and the money has largely remained beyond Tehran's direct control.
Iraq
Iraq represents another major source of Iranian claims.
Much of the money stems from Iraqi purchases of Iranian natural gas and electricity. While neither side has publicly confirmed an exact figure, Iranian officials have repeatedly said that outstanding payments amount to several billion dollars.
Some of these funds have already been used for humanitarian purchases under arrangements approved by the United States. Estimates suggest that Iran could eventually gain access to between $10 billion and $12 billion held in Iraq if restrictions are eased.
China, India and Japan
China and India present a more complicated picture.
Iranian officials often avoid describing funds held in those countries as formally frozen, arguing that mechanisms exist to use at least part of the money for trade and imports.
Nevertheless, transactions remain difficult because banks and intermediaries facilitating such transfers risk exposure to US sanctions.
Iranian estimates place holdings in China in the tens of billions of dollars, while funds in India are believed to total roughly $7 billion.
Japan also holds Iranian funds linked to oil sales. Estimates generally range from $1.5 billion to $3 billion, although the exact amount remains unclear. Japanese authorities have occasionally allowed limited payments for humanitarian imports and Iran's obligations to international organizations, but most of the money remains inaccessible.
Europe
In Europe, Iranian assets are spread across multiple countries and financial institutions. Their status is shaped not only by sanctions but also by legal disputes, court rulings and anti-money-laundering regulations.
Total Iranian assets affected by these issues are estimated at anywhere from several billion dollars to as much as $20 billion.
One of the most prominent disputes involves approximately $1.6 billion to $2 billion connected to accounts belonging to Iran's central bank in Luxembourg. These assets have been tied up in litigation involving efforts by holders of US court judgments to obtain compensation related to terrorism cases.
While the exact amount of Iranian assets that could ultimately be released remains uncertain, access even to a fraction of these funds could strengthen Iran's foreign-exchange reserves, ease pressure on imports and provide the government with a significant financial cushion.
For that reason, frozen assets have become one of the most important economic components of the ongoing negotiations between Tehran and Washington.
