Iran to access $12bn in frozen funds after deal with US

Iran's chief negotiator said on Thursday that an agreement has been reached with the United States to release $12 billion in frozen assets. The US Treasury Department announced a temporary easing of sanctions, permitting the sale of Iranian oil and petrochemicals until August 1. These decisions follow Iran's commitment to allow international nuclear inspections. The two sides have signed a memorandum of understanding, described by experts as a "golden opportunity" to end decades of hostility. The deal grants Iran access to significant financial resources that had been frozen in foreign banks.