Soybeans, corn and wheat instead of weapons: how the US offered Iran to spend unfrozen billions on American farms
Asset unfreezing has moved forward, oil sanctions have been partially lifted, and the US vice president has proposed channelling the funds into American grain purchases. The talks in Switzerland have been called "positive and constructive."
As reported by CCTV+, the Governor of the Central Bank of Iran, 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 unfreeze Iranian assets, while the American side proposed channelling the funds towards US agricultural exports. Hemmati said that "significant progress" had been made on asset unfreezing and that relevant documents had been signed during the talks.
Describing the unfreezing of the central bank's foreign assets as one of the most difficult items on the agenda, the central bank chief said the funds would be gradually released in the coming days in accordance with the bank's conditions and procedures. Regarding oil and petroleum product exports, Hemmati said both sides had agreed that the US Treasury's Office of Foreign Assets Control would be responsible for lifting sanctions on Iranian oil and petrochemical supplies.
Following Monday's high level US Iran talks at the Swiss resort of Bürgenstock, US Vice President JD Vance told journalists that if the US agreed to unfreeze Iranian assets, the funds could be used to purchase American soybeans, corn and wheat. According to him, this mechanism was designed to ensure that the unfrozen funds would benefit the Iranian people rather than fund pro Iranian groups.
The talks in Bürgenstock were the first round of technical consultations under the Memorandum of Understanding signed by the US and Iran on June 19. The document ended the conflict that had been ongoing since late February and provides for a 60 day transitional period to reach final agreements on key issues, including Iran's nuclear programme. Frozen Iranian assets are estimated at tens of billions of dollars. Vance's proposal to channel these funds into US agricultural purchases is an unconventional move that could become a compromise solution in a prolonged standoff.
When tens of billions of dollars are frozen in foreign banks, every step in the negotiations becomes a chess game. Iran wants its money back. America wants guarantees that the money will not go to weapons. And suddenly, an unexpected move appears — soybeans, corn and wheat. Trading grain instead of oil, feeding instead of fighting. It may sound naive. But in a world where diplomacy often hits a dead end, even such an unusual compromise could become the bridge that finally allows the two sides to meet. The only question is whether they are ready to cross it.
