US, Iran Step Up Efforts on War-Ending MOU as Frozen Funds Emerge as Key Issue

Iran and the US are intensifying efforts to reach a memorandum of understanding aimed at ending the war, Reuters reported on June 11.

Iranian sources told Reuters the two sides have reached a political understanding, though some issues still require detailed negotiations. Those include the process for releasing tens of billions of dollars in Iranian oil revenue frozen overseas.

One source said Iran wants $6 billion to $12 billion of the frozen funds transferred to Tehran. The US, however, is refusing to return the money directly to the Iranian regime and instead wants to release it in stages for purchases of humanitarian goods.

Iranian sources also said the regime's top priority is not a comprehensive agreement, but a framework that would unlock frozen assets and end the war, giving it at least minimal breathing room.

Lee Su, Hankyung.com reporter, 2su@hankyung.com