VP Vance suggests unfrozen Iranian funds used to buy American produce

Iran's Central Bank Governor Abdolnaser Hemmati said on Monday that the first round of high-level talks between the US and Iran in Switzerland had significantly advanced efforts to release frozen Iranian assets, while the US side suggested the funds could be channeled toward American farm exports.

Hemmati told the country's semi-official Tasnim News Agency that "significant progress" had been made on the asset releases, with the relevant documents signed during the negotiations.

Referring to the unfreezing of the central bank's overseas assets as one of the most complex items on the agenda, the central bank chief said the funds will be phased into use in the coming days, in accordance with conditions and procedures established by the bank.

Regarding the export of oil and petroleum products, Hemmati said the two parties have agreed that the Office of Foreign Assets Control under the US Treasury Department will be responsible for sanctions waivers for Iranian oil and petrochemical shipments.

After the US and Iran held high-level talks at Switzerland's Burgenstock resort, US Vice President JD Vance told reporters on Monday that if the US agreed to unfreeze Iranian assets, the funds could be used to purchase American soybeans, corn and wheat.