1 of 2 | Vice President JD Vance conducts a briefing for the media at the White House in Washington, D.C., on Thursday. Photo by Aaron Schwartz/UPI | License Photo

June 18 (UPI) -- Vice President JD Vance said Thursday that Iran and the United States are complying with their peace agreement but denied that the United States made concessions in the deal.

Vance said during a press conference at the White House reports that Iran is benefitting from its agreement with the United States have been "misrepresented." The sixth term of the agreement states that the United States and regional partners must pay at least $300 billion for the reconstruction and economic development of the Islamic Republic of Iran.

"The simple fact is the only way the Iranians get any of those resources is, not a single penny by the way from the United States of America under any circumstances, but the only way they would ever get any benefit of the bargain is if they comply fully and change their behavior," Vance said. "So you really have a win-win situation for the United States of America."

The United States has also agreed to lift sanctions on Iran and allow it access to frozen funds.