Iran’s central bank governor has signaled that Tehran could purchase essential goods from the United States using recently unfrozen assets, while firmly rejecting claims that such purchases are mandatory under the agreement with Washington.
In a video message on Tuesday, Abdolnasser Hemmati confirmed that the initial $12 billion released to Tehran is designated for imports of “essential goods and medicine”. However, he pushed back against assertions by US President Donald Trump, who had said the agreement requires Iran to spend the money exclusively on American products including corn, wheat, and soybeans.
“That is not true,” Hemmati said. “There is no such requirement in the memoranda that were signed during the negotiations. There is no obligation to buy from the United States”.
Competitive pricing the key factor
Hemmati emphasised that Iran remains free to choose its suppliers. “However, we also see no problem with purchasing from the United States if the price and quality of essential goods—whether corn, wheat, or any other products we need—are competitive,” he said.
The central banker noted that Iran routinely spends between $10 billion and $15 billion annually on essential imports. If the released funds are used for those imports, he explained, “the resources we would otherwise have allocated ourselves can instead be used elsewhere or saved as reserves”.
Hemmati also clarified that additional frozen Iranian funds would not necessarily be limited to essential goods and could be used to buy other non-sanctioned products.
Oil exports surge
The central bank chief revealed that Iran has exported millions of barrels of oil in recent days. President Masoud Pezeshkian earlier confirmed that Iran had successfully exported more than 16 million barrels of oil over the past few days, granting the country direct access to its own resources.
According to shipping data, a total of 11 tankers hauling a combined 20 million barrels of oil were detected leaving the Iranian port of Chabahar on the Gulf of Oman this week.
Dollar transactions now possible
Hemmati said Iran now has the ability to receive oil revenues and settle transactions in dollars. The US Treasury Department has temporarily exempted existing sanctions to allow Iran to sell crude oil in dollars and receive payments for the next two months.
Under Tehran’s interpretation of the deal, Iranian exports can be transported through any port using any vessel, with payments deposited into accounts designated by Iran and made available for unrestricted use. However, Hemmati said whether to use the dollar in such transactions would depend on decisions by the Islamic Republic.
The agreement has drawn criticism in the United States, with opponents questioning the release of billions in frozen Iranian assets before securing a broader settlement on Tehran’s nuclear programme. Trump has insisted the funds would remain tightly controlled and used only for food and medicine purchases.
Hemmati, however, downplayed those restrictions. “In practical terms, it gives us greater financial flexibility,” he said.
