Published on 6/22/2026
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Last update: 6/23/2026 00:12 (Mecca time)
US President Donald Trump announced on Monday that the frozen Iranian funds that will be released will be used exclusively to purchase food supplies from American farmers, while Tasnim Agency reported, citing the Governor of the Central Bank of Iran, Abdel Nasser Hemmati, that there is no commitment under the signed memorandums to purchase agricultural materials from the United States.
Trump stressed that “Iran is not supposed to use oil revenues to rebuild its army, but rather use the money to buy food for its people,” threatening that “he will do what he must do if Iran misbehaves.”
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Trump confirmed that the Strait of Hormuz is open, adding, “Iran is doing very well regarding the Strait of Hormuz.”
Trump went on to say, “We were able to pass more oil than before, the Strait of Hormuz is completely open, and Iran will never possess a nuclear weapon.”
Seeking a ‘fair and reasonable’ agreement
Regarding the ongoing discussions in Switzerland to conclude a final agreement to stop the war between the United States and Iran, the American President said, “We are making good progress in the negotiation process to reach a fair and reasonable agreement with Iran.”
Trump stated that the way he deals with Iran “will not cause a global economic depression.”
Trump indicated that he is “working to solve problems, including those related to Netanyahu,” the Israeli Prime Minister.
US Vice President J.D. Vance said on Monday that the release of frozen Iranian assets “will enrich the Americans and feed the Iranians,” noting that it is “a very good and wonderful deal for the Iranian and American people,” and described it as “a classic Trump-style deal.”
“There is nothing preventing the purchase of American products.”
For his part, the Governor of the Central Bank of Iran, Abdel Nasser Hemmati, explained that “if the prices and quality of American agricultural products are better, there is nothing preventing them from being purchased,” according to what was reported by the Iranian Tasnim Agency.
Hemmati added that the use of the first batch of $6 billion is based on the agreement signed with Washington in 2023, which includes the purchase of basic goods and medicines.
Hemmati explained that the rest of the frozen funds (i.e. 6 billion The second dollar onwards) will not necessarily be allocated to commodities and we can purchase other goods that are not subject to sanctions.
For his part, Iranian Parliament Speaker Mohammad Bagher Qalibaf said that an agreement had been reached in Switzerland to release approximately $12 billion of frozen Iranian funds.
The total value of the frozen Iranian funds exceeds approximately $100 billion.
Qalibaf added that sanctions on Iran’s sale of oil and petrochemicals have been temporarily lifted until a final agreement is reached between Tehran and Washington, referring to the US Treasury Department’s announcement earlier today that it had issued a temporary general license allowing the production, delivery and sale of crude oil and petrochemical and petroleum products of Iranian origin until August 21.
