Iran and the United States have reached an agreement for the release of $12 billion in Iranian funds that were previously frozen. The announcement was made by Iranian chief negotiator Mohammad Bagher Ghalibaf following a US decision to temporarily ease sanctions. The funds are reportedly held in South Korea and will be accessible to Iran. Details regarding the specific terms of the sanctions relief and the conditions for fund access remain limited. This development comes as negotiations continue regarding a potential return to the 2015 nuclear deal. The release is not directly linked to prisoner exchanges, though those are ongoing separately. The move signals a potential thaw in relations between the two countries, despite ongoing tensions.