Iran says agreement reached with US to release $12 billion in frozen funds

Iran's top negotiator and Parliament Speaker Mohammad Bagher Ghalibaf said an agreement had been reached with the US during talks in Switzerland to release $12 billion in frozen assets, although Washington has yet to confirm that.

Two sums of $6 billion were to be released, Mr Ghalibaf said. He added that the initial arrangements had already been made during a trip to Qatar but the final signing took place during the talks at the Burgenstock resort at the weekend.

Mr Ghalibaf said the agreement was in accordance with Article 11 of the memorandum of understanding between Tehran and Washington, which deals with the issue of frozen Iranian assets. The US "undertakes to make fully available for use the frozen or restricted funds and assets" and both states will "mutually agree on the procedures related to the release of these funds during the negotiations", the article says.