The US is preparing to release billions in frozen Iranian assets, but with a catch that would make any trade negotiator smile: Iran can only spend the money on American farm products.
Approximately $6 billion in Iranian oil revenues, currently held in Qatari banks, will be made accessible for humanitarian purchases of food and medicine. The funds must be sourced exclusively from US agricultural producers, covering commodities like corn, soybeans, and wheat.
How we got here
These assets have a winding history. The money originated from Iranian oil sales to South Korea and was transferred to Qatar in September 2023 as part of a prisoner exchange deal. That earlier arrangement established a financial channel that both sides are now building upon.
The current agreement was finalized around June 17-20, 2026, as part of a broader diplomatic push to reduce hostilities and advance nuclear talks between Washington and Tehran. President Trump and Vice President JD Vance have both confirmed that the released funds will finance purchases of US agricultural products.
