Iran to Use Frozen Assets in Qatar to Purchase Essential Goods, Deputy FM Says
"During the meetings with Qatari officials, including the Central Bank, a number of issues related to the expenditure of part of the initial six billion dollars were reviewed," Gharibabadi said.
ERBIL (Kurdistan24) – Iran will use part of its frozen assets held in Qatar to purchase essential goods needed by the country, Iranian Deputy Foreign Minister Kazem Gharibabadi said on Wednesday following meetings with Qatari officials in Doha.
According to Iran's state-run IRNA news agency, Gharibabadi said discussions with Qatari authorities, including representatives from the country's Central Bank, focused on implementing the mechanism for spending part of the initial $6 billion in Iranian funds held in restricted accounts in Qatar.
"During the meetings with Qatari officials, including the Central Bank, a number of issues related to the expenditure of part of the initial six billion dollars were reviewed," Gharibabadi said.
He added that both sides agreed that, based on Iran's stated needs, the required goods would be purchased and made available to the country.
The announcement follows a memorandum of understanding that ended the recent conflict between Iran and the United States, under which Washington agreed to make Iran's frozen or restricted assets available as part of the agreement's implementation.
However, the exact mechanism for releasing the funds and the timeline for their availability remain unclear.
The $6 billion referenced by Gharibabadi represents part of Iran's oil revenues that were transferred from South Korea to restricted accounts in Qatar in 2023.
Last month, Iranian Foreign Ministry spokesperson Esmaeil Baqaei said Tehran would have sole authority over how the released assets are used, stressing that the funds would be available for Iran to purchase goods needed by the country.
His remarks contrasted with comments made in June by U.S. Vice President JD Vance, who said the assets had not yet been unfrozen and suggested that, once released, their use would require approval from both the United States and Qatar. Vance also indicated the funds could be used to purchase American products, including agricultural commodities such as soybeans.
Iranian chief negotiator Mohammad Bagher Ghalibaf rejected that characterization on Tuesday, saying that $12 billion of Iran's estimated $24 billion in frozen assets would be transferred to the Central Bank of Iran, allowing it to purchase any goods the country requires "at any price and in any currency worldwide."
Iran's frozen overseas assets, largely derived from oil export revenues, have been a central issue in negotiations with the United States for years. Much of the money has remained inaccessible due to U.S. sanctions. The recent Iran-U.S. understanding has raised expectations that part of those funds could soon be released, although practical details regarding their transfer and oversight have yet to be finalized.