Iranian President Announces Release of $6 Billion in Frozen Funds

Iranian President Mesud Pezeşkiyan announced that the first tranche of $6 billion of the $12 billion in frozen Iranian funds in Qatar will be released and transferred to the country. This development comes as negotiations between Iran and the US to lift sanctions and establish a ceasefire have gained momentum.Pezeşkiyan stated, "According to the implemented program, $6 billion of the $12 billion in Iranian funds in Qatar will be released and transferred to the country. Work is ongoing to return the remaining funds." Previously, the Governor of the Central Bank of Iran, Abdolnasser Hemmati, had announced plans to release $12 billion of Iranian assets frozen by the US in the first phase.The development regarding the release of the funds comes after the signing of a memorandum of understanding between Iran and the US on June 18. The agreement aims to end military conflicts, restore normal maritime transport, and gradually address economic sanctions. Another key aspect of the agreement is Iran's commitment not to pursue nuclear weapons.