The latest sticking point in the negotiations between Iran and the United States over a peace deal to end the war is reportedly around $24 billion in Iranian funds frozen in foreign banks.

Iran is insisting on payment of half of the frozen assets upon signing a 14-point memorandum of understanding with the United States, the Iranian news agency Tasnim reported on Tuesday, citing an unnamed source from Iran’s mediation team. The report said that Tehran is demanding that the remaining $12 billion be transferred within the 60 days specified in the framework agreement between the warring parties. 

A senior Iranian delegation, including top negotiator and parliament speaker Mohammad Bagher Ghalibaf, Foreign Minister Abbas Araghchi and Central Bank chief Abdolnaser Hemmati, arrived in Doha on Monday to discuss a peace deal with the US and the unfreezing of the blocked assets, Agence France-Presse reported, citing an anonymous source. The source said the talks also focused on “issues related to the Strait of Hormuz and highly enriched uranium.”

Details: Iran’s frozen assets include money locked up in foreign bank accounts, including from oil sales as well as real estate and infrastructure investments. Many of the assets have been frozen for decades, after the first US restrictions were imposed by President Jimmy Carter following the 1979 Iranian Revolution and in response to Iran's seizure of the US Embassy in Tehran.