US-Iran Peace Deal: Key Developments and Controversies
Overview of the US-Iran Peace Agreement
Washington DC: Following an announcement by US President Donald Trump regarding a peace agreement with Iran, reports indicate that the unresolved issue of Tehran's frozen assets, totaling USD 12 billion, remains a significant point of contention. The agreement is expected to be formalized on Friday in Geneva, Switzerland. According to a report from Iran's Mehr news agency, which referenced a 14-point memorandum of understanding, the US has consented to release these frozen assets prior to the commencement of negotiations that will address critical topics, including Iran's nuclear program. However, the authenticity of the memorandum reported by Mehr has not been independently verified.
The document allegedly outlines the release of $24 billion in frozen Iranian assets during a 60-day negotiation period that will begin once the memorandum is finalized. It specifies that half of this amount should be released before negotiations start. Nevertheless, US officials have refuted this claim, stating that no funds will be released until Iran fulfills its obligations. A US representative informed CNN that this is a performance-based agreement, emphasizing that no frozen assets will be released without Iran's compliance.
On Sunday, Trump declared that an agreement had been reached with Iran, which would lead to the end of the US naval blockade and the reopening of the strategically vital Strait of Hormuz. In a post on his Truth Social platform, Trump proclaimed the deal as finalized, congratulating all parties involved. He authorized the immediate lifting of the naval blockade, urging global shipping to resume operations. “Ships of the World, start your engines. Let the oil flow!” he stated, confirming the toll-free opening of the Strait of Hormuz.
Iran's deputy foreign minister for legal and international affairs, Kazem Gharibabadi, confirmed to Iranian media that a memorandum for the peace deal is set to be signed on June 19. He noted that while the full agreement will take effect on Friday, two aspects would be implemented immediately: a permanent cessation of hostilities on all fronts, including Lebanon, and the lifting of the US-imposed naval blockade against Iran.
The conflict in the Middle East escalated following US and Israeli strikes on Tehran, which prompted Iran to retaliate against US military bases in the region. Additionally, Iran's Islamic Revolutionary Guard Corps (IRGC) effectively blocked the Strait of Hormuz, while the US Navy imposed a blockade in this crucial waterway in April.