Iran says U.S. deal will unlock funds and preserve its sovereignty over Hormuz

Iran announced Monday that a memorandum of understanding reached with the United States will lead to the release of Iranian assets and the lifting of all sanctions against the Islamic Republic. The deal, slated for signing on Friday in Switzerland, is also expected to guarantee Iran's sovereignty over the strategic Strait of Hormuz, according to Tehran.

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As soon as the memorandum of understanding is signed, which is planned for Friday, these restrictions must disappear and Iran must be able to sell oil, petrochemical products, and oil derivatives without any obstacles or problems.

Ismail Baghaei, spokesperson for Iran's Foreign Ministry, stated at a press conference that once the memorandum is signed, "these restrictions must disappear, and Iran must be able to sell oil, petrochemical products, and oil derivatives without any obstacles or problems." He emphasized that accessing "blocked or restricted Iranian assets, along with the reconstruction of suffered damages, constitute two fundamental economic issues," and that the U.S. has committed to acting in both areas.

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Access to Iranian blocked or restricted assets, along with the reconstruction of suffered damages, constitute two fundamental economic issues and that the American side commits to act in both areas.

Baghaei further asserted that the U.S. "will be obliged" to lift all primary and secondary sanctions, thereby enabling the sale of Iranian oil, its derivatives, and petrochemical products. Regarding the Strait of Hormuz, a vital waterway for global oil transport, Iran stated the memorandum assigns it, in cooperation with Oman and other stakeholders, the responsibility for ensuring safe navigation. Iran clarified that it does not intend to impose tolls for passage but will charge for services provided, such as navigation assistance, environmental protection, and maritime insurance.

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The United States will be obliged to lift all sanctions, both primary and secondary, allowing the sale of Iranian oil, its derivatives, and petrochemical products.

This understanding comes after a period of heightened tensions and U.S. sanctions imposed following former President Donald Trump's withdrawal from the nuclear deal. The Strait of Hormuz, through which a significant portion of the world's oil passes, had been a point of contention, with Iran previously closing it during conflicts. The U.S. had responded with sanctions on Iranian ports and vessels.

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Iran's sovereignty over the strait remains fully preserved.