Vance says Iran could access $300bn reconstruction fund if it meets its obligations. This is what we know

US Vice President JD Vance has said Iran could gain access to a proposed $300 billion reconstruction fund backed by Gulf nations, but only if Tehran fulfils its commitments under a prospective agreement with Washington.

Speaking to CBS on Monday (June 15), Vance said the funds would be available only if Iran honoured its obligations under the deal. "That's the sort of thing they could have access to, funded by the Gulf Coast coalition, so long as they honour their end of the obligation," Vance said. He cautioned that hardliners within Iran could misrepresent the terms of any agreement by overstating the benefits and downplaying the concessions required from Tehran.

"The hardliners in the Iranian system will overemphasise the benefits that Iran gets, while underemphasising all the things that they have to concede" to qualify for those benefits, Vance told CBS. The vice president said the United States remained open to various options being discussed as negotiations continue. However, he rejected suggestions that a reported $24 billion in frozen Iranian funds would be released as part of the agreement, noting that the text of the deal has not yet been made public.

The issue of granting Iran access to additional funds has drawn scrutiny from critics of engagement with Tehran. Opponents of previous agreements have argued that the release of frozen assets could indirectly support Iran-backed militant groups. Similar concerns were raised after the administration of former US President Barack Obama unfroze Iranian assets under the 2015 nuclear deal.

In a series of television interviews on Monday, Vance said many technical and detailed aspects of the arrangement would be addressed during follow-up negotiations after any agreement is signed. He repeatedly stressed that financial benefits would be contingent on Iran complying with commitments to refrain from developing or acquiring a nuclear weapon.