Iran and US conclude technical talks in Switzerland, agree to release $12bn in frozen assets amid cyber attack on Iranian banks

Jun 23, 2026

The United States and Iran have successfully concluded technical talks in Switzerland, establishing a roadmap to reach a final peace deal within 60 days to end their 100-day war. While the US approved a 60-day oil sanctions waiver and agreed to release $12 billion in frozen Iranian assets, tensions remain high. The sides are locked in disputes over who controls the unfrozen funds and whether Iran agreed to indefinite nuclear inspections. Meanwhile, cyberattacks have disrupted Iranian banks, and the war's economic toll continues to impact global markets.

Iran-US Switzerland negotiations

▪The technical talks followed a Sunday meeting monitoring the Islamabad Memorandum of Understanding, which was signed virtually by the US and Iranian presidents on June 17, 2026.
▪The United States and Iran concluded technical talks in Switzerland, paving the way for higher-level negotiations to end their more than 100-day war.
▪The United States and Iran agreed to establish a High-Level Committee for political oversight and a roadmap to reach a final peace deal within 60 days.

Frozen Iranian assets release

▪The US Department of the Treasury announced a 60-day sanctions waiver allowing Iran to sell its oil and petrochemical products at full price.
▪US President Donald Trump and Vice President JD Vance stated the unfrozen funds would be controlled by the US and Qatar to purchase US agricultural commodities.
▪An agreement was reached between the United States and Iran to release approximately $12 billion in frozen Iranian assets.
▪Iran's UN Ambassador Ali Bahreini rejected US claims of control, stating that Iran alone will decide how to use its unfrozen assets.

Cyberattacks on Iranian banks

▪The June 23, 2026 cyberattack followed an earlier June 14, 2026 incident that disrupted communication infrastructure at major Iranian banks including Melli, Saderat, Tejarat, and the Export Development Bank of Iran.
▪ATMs, point-of-sale terminals, and mobile apps at three state-owned Iranian banks were disrupted by a cyberattack on June 23, 2026.

Nuclear inspection dispute

▪Iranian Foreign Ministry spokesperson Esmaeil Baghaei denied agreeing to new commitments, stating Iran will only continue its existing obligations under the Non-Proliferation Treaty and IAEA safeguards.
▪US President Donald Trump claimed Iran agreed to indefinite, high-level nuclear inspections to ensure nuclear honesty.

War economic impact globally

▪The four-month war involving the United States, Israel, and Iran has caused global economic disruption, including skyrocketing oil prices and rising commodity costs.
▪Canada's inflation rate reached a 29-month high driven by heightened oil prices resulting from the conflict.

Lebanon ceasefire negotiations

▪Iranian Ambassador Ali Bahreini stated that Lebanon is an integral part of the peace agreement, which includes the withdrawal of Israeli troops.
▪US Vice President JD Vance and Senator Marco Rubio discussed plans to consolidate a ceasefire in Lebanon with Lebanese President Joseph Aoun on June 23, 2026.