Iran: No obligation to buy U.S. products with unfrozen funds, says central bank

Iran's central bank governor, Abdolnaser Hemmati, has clarified that the country is not obligated to buy agricultural products from the United States using the recently unfrozen funds. Hemmati stated that the memorandum of understanding signed regarding the initial $6 billion release of Iran's frozen assets specifies purchases of essential goods and medicines, not agricultural inputs.

Hemmati explained that while Iran retains the option to purchase U.S. agricultural products if they offer better prices and quality compared to other nations, this is not a requirement under the current agreement. He noted that Iran imports billions of dollars worth of essential goods and medicines annually, and its primary objective is to gain access to its own foreign exchange reserves.

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Based on the memorandum that has been signed, there is no obligation to buy agricultural inputs from the United States.

The central bank governor also indicated that other frozen Iranian assets, not limited to essential goods, could be used for purchasing products not subject to sanctions. This statement follows remarks by U.S. President Donald Trump, who suggested that the released Iranian funds would be used for purchasing American food products, claiming Iran could not feed its population.

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All that money will come back in the form of buying food that they desperately need.