Iran sets conditions for Hormuz reopening in private U.S. talks
Iran has formally linked the reopening of the Stretto di Hormuz to three immediate demands: the end of the U.S. naval blockade on its ports, the unfreezing of all overseas assets, and the cessation of military operations along what Tehran calls "all fronts of resistance." The conditions were presented by Foreign Minister Abbas Araghchi to U.S. envoy Steve Witkoff during a three-hour meeting in New York on September 22, 2026, on the sidelines of the UN General Assembly.
The U.S. has not yet accepted the demands, though President Donald Trump later called the talks "very productive." No formal agreement was announced. Iranian officials claim Tehran could reopen the strait within seven days if Washington lifts its maritime restrictions — a claim U.S. officials question, citing Iran’s limited control over paramilitary vessels in the waterway.
Italy positions itself as a mediator amid energy risks
Italy’s Deputy Prime Minister and Foreign Minister Antonio Tajani met separately with Araghchi and urged a diplomatic path forward. He cited a June 2026 memorandum — signed after technical talks in Switzerland — as evidence that dialogue remains possible. "We will continue supporting every step toward restoring freedom of navigation," Tajani stated on X.
For Italy, the stakes are economic: over 40% of Italy’s crude oil imports flow through Hormuz. A prolonged closure would threaten fuel supplies and push prices higher across southern Europe. Tajani also pressed Iran to ensure safe passage through the Bab el-Mandeb Strait, critical for shipments to ports like Genoa and Taranto.
Tajani urged Iran to lower its tone, criticizing President Masoud Pezeshkian’s UN speech for accusing the U.S. of terrorism. "To defend your positions, you must speak differently," he said. He also reiterated Italy’s demand that Iran honor its nuclear non-proliferation obligations and respect human rights, including women’s freedoms.
$100 billion in frozen assets — and a stalled deal
Iranian officials state more than $100 billion in assets are frozen abroad, mostly due to U.S. sanctions reimposed after 2018. The largest pools are held in China (€20–50B), Qatar (€6B), India (€7B), and the EU (€1.6B, mainly in Luxembourg). The U.S. Treasury blocks access regardless of where the funds are held.
A June 2026 agreement between Washington and Tehran aimed to release $12 billion in two tranches. But U.S. Vice President J.D. Vance has since blocked the transfer, demanding "measurable progress" in de-escalating regional conflicts. Iran says this undermines the memorandum.
In September, Washington launched "Operation Economic Outcast," targeting shadow networks that move Iranian oil and launder funds through intermediaries in Turkey and Russia. The U.S. has also explored using frozen assets to compensate Gulf states harmed by Iranian strikes — a move Tehran rejects.
Military threats rise as diplomats talk
Even as talks continue, Iran’s military leadership issued a stark warning: any attack will be met with "devastating and unpredictable blows." The statement, released by the Armed Forces General Staff and Khatam al-Anbiya Center on September 22, responded directly to Trump’s UN remarks threatening to "annihilate" Iran.
Military officials called Trump’s rhetoric a sign of "strategic desperation," not strength. Yet they made clear: Iran is not seeking war. Its offer to open Hormuz within a week remains on the table — but only if the U.S. lifts its blockade first.
Separately, Iran’s parliament approved new legislation imposing fines of up to 20% of a ship’s cargo value — or temporary detention — on foreign vessels violating its maritime rules in the strait. Though symbolic, the law adds complexity for European insurers and shipping firms.
No deal has been signed. But the mere return to direct contact after months of silence suggests a narrow opening. For now, Italy is not seeking to broker an agreement — only to keep the sea lanes open.
