The United States will release $12 billion in frozen Iranian assets as part of the first stage of the process, Abdolnasser Hemmati, Governor of Iran’s Central Bank, has announced, The Caspian Post reports.

Hemmati stated that the funds will be made available to Iran in an initial tranche totaling $12 billion.

According to the Central Bank governor, Tehran plans to use the released assets primarily to finance imports of essential goods and medicines.

Hemmati noted that Iran spends between $10 billion and $12 billion annually on the import of basic goods, with total expenditures reaching approximately $15 billion per year.

He emphasized that the newly released funds will help meet the country's needs for critical imports and support the supply of key products and pharmaceuticals.