Iran official says Hormuz reopening to proceed in phases, starting with $12B asset release

An Iranian official said the reopening of the Strait of Hormuz would proceed in phases, with an initial stage involving the release of frozen Iranian assets by the United States, the start of minesweeping operations and the easing of the current US blockade, according to a media report published early Monday. Speaking anonymously to The Washington Post, the Iranian official said the first phase would include the release of $12 billion in frozen Iranian assets, minesweeping operations in the Strait of Hormuz and the lifting of the US blockade.

Nuclear issue

The official said the proposed memorandum of understanding would not constitute a nuclear agreement but rather a commitment to conduct future negotiations on nuclear-related issues. The official added that a more detailed announcement could be made later Monday.

Proposal details

Under the proposal, the Strait of Hormuz would be cleared of mines and reopened during a 60-day interim period while negotiations continue. A diplomat familiar with the talks said the proposal requires Tehran to reopen the strait immediately after signing, with maritime traffic returning to pre-conflict conditions within 30 days. The proposal also calls for halting military operations across all fronts, including Lebanon.

US conditions

A senior US administration official said Iran would reaffirm that it will not pursue nuclear weapons and agree to dispose of its enriched uranium stockpiles. The official said frozen assets would not be released immediately, stressing that Tehran would "get nothing until they deliver," with sanctions relief linked to compliance with key conditions.