Iran has announced it will prevent United Nations inspectors from accessing its nuclear facilities and has indicated plans to impose tolls on shipping through the Strait of Hormuz, contradicting statements made by U.S. Vice President JD Vance during his recent diplomatic mission to Geneva.
The developments came just one day after Vance traveled to Switzerland to advocate for the nuclear agreement brokered under President Donald Trump’s administration. Vance had expressed optimism that inspections by the International Atomic Energy Agency (IAEA) could commence immediately. However, Iranian Foreign Ministry spokesperson Esmaeil Baghaei dismissed these claims, stating there had been no discussions with the IAEA director general, nor any intention to allow inspections of sites reportedly damaged by U.S. and Israeli military actions.
Responding to Baghaei’s remarks on his social media platform, Trump reaffirmed Iran’s commitment to “the highest level nuclear inspections” in the future, asserting that inspectors would be deployed “at the appropriate time.” He suggested that if Iran’s position was accurate, ongoing diplomatic meetings should be canceled.
In a significant cyber development, Iranian banks experienced a coordinated cyberattack hours after Tehran’s rejection of Vance’s assertions. Multiple financial institutions, including Bank Melli, Bank Saderat, the Export Development Bank of Iran, and Bank Tejarat, saw disruptions to cash machines, point-of-sale terminals, and mobile banking services. Entities connected to the Islamic Revolutionary Guard Corps (IRGC) were particularly impacted. While Israel has previously been implicated in cyber operations against Iran amid geopolitical tensions, no official attribution has been made regarding this incident. This marks the second notable cyberattack on Iran’s banking infrastructure in just over a week.
The U.S.-brokered agreement also envisions the release of approximately $12 billion in previously frozen Iranian assets, alongside $300 billion in reparations. In his statements, Vance emphasized that these funds would not finance terrorism but instead support Iranian purchases of American agricultural goods, specifically soy, corn, and wheat. He stressed that any unfrozen assets must be used exclusively to acquire food and medical supplies from the United States. Meanwhile, Iran’s ambassador to the United Nations in Geneva, Ali Bahreini, countered, asserting that Iran alone holds the authority to determine the use of its financial resources.
Adding to the diplomatic strain, Iranian parliamentary speaker Mohammad Bagher Ghalibaf declared intentions to impose tariffs on transit through the Strait of Hormuz, a critical maritime passageway for global oil shipments. Ghalibaf stated the waterway “will never return to its pre-war conditions” and would be controlled by Iran in line with international law. In contrast, President Trump maintained that negotiations were progressing positively, highlighting “major concessions being made by Iran,” and confirming his agreement to keep the Strait open without imposing a naval blockade.
Meanwhile, it was reported that the U.S. Department of Defense has requested £60 billion in funding from Congress to cover costs associated with ongoing military operations related to the conflict in the region.