Trump at G7: Returning Frozen Iranian Assets to Protect the Dollar, and the Full US-Iran MoU Breakdown

The 14-Point Preliminary Memorandum of Understanding (MoU)

The United States and Iran signed a 14-point memorandum of understanding electronically on Sunday, June 14, 2026 . US officials later released the full text . The document is explicitly a preliminary framework—a final, comprehensive agreement requires detailed negotiations over the following 60 days, and either side can walk away at any time during that period .

Core Commitments of the MoU

The MoU includes the following key provisions:

• Immediate permanent ceasefire: The US, Iran, and their allies declared an immediate and permanent cessation of military actions on all fronts, including in Lebanon .
• Reopening the Strait of Hormuz: Iran agreed to ensure the safe passage of commercial vessels through the strait free of charge for at least 60 days, restoring pre-war maritime traffic volumes . Trump said the strait "will be completely opened" by June 19 .
• Nuclear commitment: Iran pledged never to develop, purchase, or manufacture nuclear weapons . The MoU also requires Iran to "downblend its stock of highly enriched uranium" under IAEA oversight, which a senior US official called a "notable concession" .
• Sanctions relief: The US agreed to waive oil sanctions and work toward lifting all American and UN sanctions . The Treasury Department was expected to issue waivers for Iranian crude oil exports .
• 60-day negotiation window: Both parties have 60 days to negotiate a final comprehensive agreement, with the option for either side to withdraw at any time .

Frozen Assets Involved: The Numbers

The exact amount of frozen Iranian assets remains a point of confusion across reports and between the two governments:

• US officials confirmed that no funds have been released yet under the MoU . A senior US official called Iranian claims that Tehran would receive billions before negotiations began a "spin," describing the deal as "pay-for-performance" .
• An estimated $24 billion in total Iranian assets remains frozen in the US . The Soufan Center reported that the MoU provides for the eventual release of approximately $24 billion in Iranian funds frozen in bank accounts worldwide .
• A draft reported by Reuters indicated $25 billion in frozen assets would be released .
• Iran had demanded immediate access to $12 billion in frozen assets held in Qatar as a precondition for talks, but a senior US official rejected the idea of unconditional access before negotiations begin .
• The MoU also references a $300 billion reconstruction fund for Iran . Trump stated that the US will not provide this fund if Iran does not comply with the agreement; the fund is described as being financed by the US and regional partners, with no obligation for the US to contribute financially .

Conditions Tied to the Deal

The MoU is not a blank check for Iran. Key conditions include:

• Compliance is required: Iran must comply with all terms of the MoU for any sanctions relief or asset release to proceed .
• Phased release: US officials emphasized that any sanctions relief or asset unfreezing would be phased and tied to Iran's performance in delivering on its commitments .
• Preliminary framework: The MoU is explicitly a first step; detailed negotiations over 60 days are needed for full implementation, and either side can walk away .

Trump linked the pace of relief to Iranian behavior: "If they behave properly, something will happen immediately" .

Market Reactions: Oil Plunges, Stocks Rally

Financial markets reacted sharply and positively to the announcement of the preliminary deal, reflecting expectations that the reopening of the Strait of Hormuz would restore global oil supply:

• Oil prices plunged: Brent crude fell more than 5%, settling at $82.84 per barrel—its lowest since early March . WTI crude fell below $81 .
• Stock markets rallied globally: The S&P 500 rose 1.7%, the tech-heavy Nasdaq 100 added 3.1%, and the Dow Jones Industrial Average hit a record intraday high . Technology and semiconductor stocks led the rally . In Asia, Japan's Nikkei 225 surged 5% and South Korea's Kospi climbed 5.2% . Germany's DAX rose 1.3% .
• Broader risk-on shift: Cryptocurrencies (Bitcoin topped $66,000) and bonds also climbed as investors reduced geopolitical risk premiums .
• Caution remained: Some investors and analysts noted that the deal was preliminary and not yet finalized, tempering the initial rally .

What is Not in the MoU

The MoU notably does not address several major issues. It makes no mention of Iran's ballistic missile capabilities or its support for proxy groups such as Hezbollah . These and other contentious topics are left for the 60-day negotiation period, assuming a final agreement is reached.