Iran says at least 50 per cent of its frozen assets must be released immediately upon the signing of a possible memorandum of understanding with the US, Anadolu reports, citing the country’s deputy foreign minister, who spoke with Iran’s semi-official Mehr News Agency.

Kazem Gharibabadi says various mechanisms are being reviewed to secure Tehran’s access to its blocked funds under a possible understanding with Washington.

“At minimum, the Islamic Republic of Iran insists that 50pc of these funds be made available to Iran immediately upon the signing of the memorandum of understanding,” Gharibabadi says.

He adds that the remaining funds should be released within what Tehran considers a reasonable period, “not more than one or two months.”

Gharibabadi further says Iran will consider a text final only when its interests are fully reflected, including what he calls the immediate and permanent end of the war on all fronts, including Lebanon.

He states another key issue is the lifting of what Tehran describes as a maritime blockade.

Read more here.