President Trump [AP=Yonhap News]

The Donald Trump administration is reportedly considering the creation of a reconstruction fund worth $300 billion (approximately 454 trillion won), primarily focused on private companies, if Iran agrees to a final peace accord, including a nuclear deal.

The United States has emphasized its stance of not providing funds to Iran as a condition for the agreement, but this would effectively represent financial assistance under the guise of a private investment fund. Some in Iran are interpreting this as war reparations from the U.S.

The Financial Times (FT) reported on the 15th (local time), citing a senior U.S. official, that the easing of sanctions on Iran and the establishment of a $300 billion reconstruction fund were discussed during the peace negotiation process.

U.S. Vice President JD Vance also virtually confirmed the discussion of establishing a reconstruction fund in a CBS interview, stating, "If Iran fulfills its obligations, it will be accessible."

The FT reported, citing a source familiar with the discussions, that the reconstruction fund would only be established once a final agreement is reached, with it being stipulated as part of a Memorandum of Understanding (MOU).

Under the MOU, the U.S. and Iran have agreed to temporarily open the Strait of Hormuz and then continue negotiations for a final agreement, including Iran's nuclear program and the easing of sanctions against Iran.

This implies that if the fund is ultimately established, it would be after the Strait of Hormuz has normalized, the nuclear agreement has been finalized, and a definitive peace has been reached.

The FT reported that the fund would be established by companies wishing to invest in Iran's energy industry, not by governments, and that the operational structure of the fund remains unclear.

A source familiar with the negotiations told the FT, "European and Asian companies, including South Korea and Japan, as well as U.S. companies, have expressed interest. If sanctions are lifted, this fund could be substantial."

Whether the U.S. provides financial support to Iran in exchange for peace has been a point of contention throughout the negotiation process.

This is a politically sensitive issue, as President Trump has consistently criticized the Iran nuclear deal (Joint Comprehensive Plan of Action, JCPOA) signed during former President Barack Obama's tenure, specifically pointing to the cash payments made.

President Trump has been extremely averse to any appearance of compensation being provided to Iran, repeatedly emphasizing, "It's different from Obama's time," and "No money is exchanged this time."

However, some argue that the financial incentives currently being discussed could exceed the level agreed upon during the Obama administration.

The FT reported, citing sources familiar with the discussions, that any sanctions relief, including the release of frozen Iranian assets abroad under the MOU, would be phased and dependent on progress in the nuclear negotiations and the final agreement.

U.S. officials also explained that small-scale financial easing would be provided in the initial stages as a confidence-building measure, with phased relief measures implemented based on future negotiation progress.

A senior official told the FT, "Sanctions relief is absolutely not tied to specific actions. It is generally linked to whether Iran behaves appropriately, and what we are most concerned about is the nuclear program."

Earlier, Iran had also mentioned the $300 billion reconstruction fund being established by the U.S. when announcing the contents of the MOU with the U.S.

Mehdi Mohammadi, strategic advisor to the head of Iran's negotiating team, claimed through Iran's Mehr News Agency yesterday that the reconstruction fund has the character of war reparations.

He stated, "Although the word 'compensation' is not explicitly mentioned, it is clear that when the other side talks about reconstruction, it means compensation for the damages Iran suffered during the war."