US-Iran Tensions Rise Over Control of Unfrozen Assets

Tensions are escalating between the United States and Iran over the control of billions in unfrozen Iranian assets. President Trump claims that the U.S. will dictate how these funds are used, particularly for purchasing agricultural products from American farmers. In contrast, Iranian officials assert that they alone will decide the fate of their assets. This disagreement stems from a recent deal aimed at easing sanctions and releasing approximately $12 billion in frozen funds. As both sides prepare to navigate this complex situation, the implications for international relations remain significant.

By Narendra Chaudhary Jun 24, 2026, 22:16 IST

Dispute Over Iranian Assets

A conflict is emerging between the United States and Iran regarding a fundamental aspect of their agreement: the authority to determine the allocation of billions in unfrozen Iranian assets. President Trump addressed this matter in a recent post on Truth Social, asserting that no funds have been transferred to Iran or released by the U.S. thus far. He indicated that a portion of Iran's funds, which he claimed is "totally controlled by us," would eventually be used to purchase agricultural products from American farmers, specifically corn, wheat, and soybeans, framing this as a solution to food shortages in Iran.

Iran's Response to U.S. Claims

This narrative sharply contrasts with Tehran's perspective. A report from Reuters indicated that an Iranian envoy categorically rejected the notion that Washington has any control over the funds, let alone the authority to dictate their usage. This disagreement stems from a deal reached following discussions in Switzerland, which aimed to transform a temporary agreement into a permanent peace accord. Under this arrangement, the U.S. lifted sanctions on Iran for 60 days starting Monday, facilitating the release of approximately $12 billion in frozen Iranian assets.

Vice President JD Vance stated that the U.S. and Qatar would oversee the funds once they are unfrozen, suggesting that the money could be allocated for purchasing American agricultural products, aligning with Trump's earlier statements.

Iran's Ambassador Clarifies Control

Ali Bahreini, Iran's ambassador to the United Nations in Geneva, firmly rejected Vance's assertions. He informed reporters that while discussions between the two nations had been generally positive, Iran's stance on control over its assets is unequivocal. "Iran is the only country to decide what to do with its assets, which are going to be defrozen," Bahreini stated, dismissing any claims of external influence over these decisions.

He also mentioned that two working groups would be established soon to address sanctions relief and matters related to Iran's nuclear program.

Understanding the Frozen Assets

The frozen assets primarily originate from oil revenues and central bank reserves that have been stranded overseas for years due to sanctions. Bahreini acknowledged that some technical coordination between Washington and Doha would be necessary, given that the U.S. initially froze the assets and some funds are located in Qatar. However, he asserted that this technical role does not extend to determining how the money is spent once it is released. "Certainly Iran does not allow them to have further influence on the other processes, which have been related to buying the commodities and importing them," Bahreini concluded. "That is something that Iran, and only Iran, will decide."