The World Gold Council survey highlights a growing clash over Iran’s frozen assets, a key issue in the recent memorandum of understanding. While Tehran insists the funds are its sovereign right, Washington argues they must be released under strict conditions.

The U.S. narrative frames the funds as humanitarian-only, tightly monitored. President Donald Trump previously said part of the released assets would buy American agricultural products—wheat, corn, soybeans—ensuring goods reach Iranians without direct cash transfers to the government. Vice President J.D. Vance added that payments would go to approved suppliers abroad, turning frozen assets into leverage for U.S. exports.

Iran rejects this conditionality. Central Bank Governor Abdolnaser Hemmati acknowledged the possibility of buying U.S. goods but stressed Tehran is not bound to limit spending to American exports. For Iran, the funds are sovereign property, and release does not transfer decision-making authority to Washington.

The assets are scattered globally: $20 billion in China, $15 billion in Iraq, $7 billion each in South Korea and India, $6 billion in Qatar, and about $10 billion across Europe, Japan, and the U.S. Access remains blocked by sanctions, legal disputes, and banking restrictions.

The current framework envisions gradual release tied to political compliance within 60 days. Washington seeks control over disbursement, linking financial relief to security commitments. Tehran demands liquidity to support imports and stabilize its economy. The dispute underscores a deeper struggle: whether frozen funds are liberated with conditions or restored as sovereign rights.