ISLAMABAD- As a Wall Street banker with more than thirty years observing the turbulent waters of Iran-U.S. relations—from the transformative 1979 Islamic Revolution that reshaped the Middle East to the high-stakes Islamabad talks unfolding even as I write these words in April 2026—I have witnessed cycles of hope and betrayal that few other relationships can match.
Twice in recent memory, while genuine negotiations were actively progressing, American military force struck Iranian territory. In June 2025, during the first round of Omani-mediated talks that had shown cautious progress, the United States launched devastating airstrikes under Operation Midnight Hammer, targeting the Fordow and Natanz nuclear facilities, and the Isfahan nuclear technology center with bunker-buster bombs and Tomahawk missiles.
Then, in early 2026, even as indirect discussions continued in Geneva and other venues, further U.S.-Israeli operations escalated tensions dramatically. Iranian diplomats and officials rightly described these actions as unprovoked betrayals of the negotiating spirit. We were seated at the table in good faith, exchanging proposals through mediators, yet Washington chose the language of force.
The message sent to every Iranian family in Tehran, Tabriz, or Shiraz—and to our vast, people across Europe, North America, and beyond—was crystal clear: America’s commitments, even amid dialogue, remain fragile and untrustworthy. Yet Iran persists in these Islamabad talks not out of weakness, but from the deep well of resilience that has defined our nation since the Revolution. We choose principled engagement because true strength lies in defending sovereignty while extending a hand for mutual respect.
The historical ledger since 1979 reveals a pattern of American pressure met by Iranian endurance. Following the hostage crisis, the Carter administration froze billions in Iranian assets—funds earned from the sweat of our people and belonging rightfully to them. Sanctions accumulated through the 1980s and 1990s, intensified under successive U.S. administrations with oil embargoes and extraterritorial measures that targeted third-country businesses. The 2015 Joint Comprehensive Plan of Action (JCPOA) offered a brief window of relief: Iran curtailed aspects of its peaceful nuclear program in exchange for sanctions lifting, verified by the International Atomic Energy Agency (IAEA). Economic indicators improved noticeably—GDP growth accelerated, inflation eased somewhat, and ordinary citizens glimpsed a more stable future.
But in 2018, the Trump administration unilaterally withdrew, reimposing “maximum pressure” sanctions that strangled trade, medicine imports, and civilian aviation spares. Partial unfreezes, such as the 2023 Qatar-held funds tied to a prisoner swap, were later clawed back. This cycle of broken promises has exacted a heavy human toll: families struggling with inflated prices, hospitals facing shortages, and industries starved of technology. Yet Iran’s “economy of resistance”—built on domestic innovation, strategic partnerships with Russia, China, and regional allies—has weathered the storm, proving that no external pressure can break a nation rooted in self-reliance and revolutionary ideals.
Today, amid the Islamabad negotiations—mediated by Pakistan and involving senior figures like Iran’s Foreign Minister Abbas Araghchi and U.S. envoys including Steve Witkoff and Jared Kushner—signals emerge of possible movement on frozen assets. Iranian sources indicate Washington may agree to unfreeze approximately $6 billion held in Qatari banks and other overseas accounts, funds originating from oil revenues blocked since 2018. For Iran, this is not benevolence; it is elementary justice long denied.
These resources can swiftly address pressing needs: reconstructing infrastructure damaged in recent conflicts, upgrading power generation to ease summer blackouts, bolstering healthcare systems strained by years of sanctions, and injecting liquidity into small and medium enterprises that employ millions. The benefits would ripple outward—stabilizing the rial, creating jobs for youth, and allowing our scientists and engineers to focus on advancement rather than circumvention. For the Iranian diaspora, many of whom maintain deep emotional and cultural ties despite living abroad, such relief would mean renewed confidence in investing back home or supporting family without the shadow of financial isolation.
From America’s perspective, honoring asset release and pursuing a durable accord serves practical self-interest. Perpetual confrontation has cost Washington trillions in Middle East entanglements, with little to show beyond instability. A negotiated settlement promises lower global oil price volatility—critical for American consumers and industries—safer passage through the Strait of Hormuz, through which a significant portion of the world’s energy flows, and reduced exposure of U.S. forces to regional risks. No more American lives needlessly placed in harm’s way for policies that have repeatedly failed to deliver regime change or submission. Instead, Washington could redirect resources toward domestic priorities, rebuilding credibility eroded by policy flip-flops that have alienated even traditional allies.
Practical outcomes hinge on realism and reciprocity. Any lasting agreement must incorporate phased, verifiable sanctions relief synchronized with IAEA-monitored steps on Iran’s peaceful nuclear program. Iran has consistently affirmed its commitment: no pursuit of nuclear weapons, full adherence to non-proliferation norms, yet insistence on its inalienable right to enrichment for energy and medical isotopes under international safeguards. Explicit, legally binding guarantees against future unprovoked military strikes—whether direct U.S. operations or enabled proxies—are non-negotiable. Broader regional de-escalation should address proxy dynamics without demanding Iran abandon its legitimate defensive posture or role as a stabilizing force in West Asia. Iran’s negotiating team, drawing on decades of diplomatic experience and intimate knowledge of red lines rooted in national dignity, enters these talks from a position of strength. America’s side, often blending political appointees with business-oriented figures, must recognize that bullying tactics or last-minute betrayals will only prolong mistrust.
Confidence-building measures could accelerate progress. Immediate unfreezing of assets within weeks, paired with reciprocal de-escalation such as eased restrictions on humanitarian trade, would demonstrate seriousness. A structured timeline—perhaps 45-90 days for initial sanctions relief in exchange for enhanced but non-intrusive IAEA access—provides measurable milestones. Mechanisms to prevent sabotage by third parties, including clear communication channels and dispute resolution forums, are essential. Regionally, understandings that secure shipping lanes while respecting sovereign rights could reduce flashpoints in the Persian Gulf and beyond.
The dividends of peace extend far beyond governments. For Iran and its resilient people, success means economic revival: reintegration into global markets, access to advanced technology for sustainable development, modernization of infrastructure, and a brighter horizon for the next generation. Families in Isfahan or Mashhad would witness stabilized prices, improved education and healthcare, and the dignity that comes from a sovereign nation treated as an equal. Our diaspora communities—doctors, engineers, entrepreneurs thriving abroad—could channel expertise and capital more freely, strengthening bonds rather than nursing grievances born of isolation.
For ordinary Americans, the gains are equally tangible: avoidance of another trillion-dollar quagmire, predictable energy costs that ease inflation pressures at the pump and in factories, and restoration of diplomatic credibility after years of unilateralism that isolated Washington on the world stage.
Iran has never sought domination or endless conflict. The 1979 Revolution was fundamentally about independence, justice, and resistance to external interference. We have defended our borders and principles with resolve, yet repeatedly extended olive branches when respect was offered. Practical suggestions for both sides are straightforward and grounded in mutual benefit. First, treat negotiations as sovereign-to-sovereign dialogue, not zero-sum games. Second, prioritize verifiable, irreversible sanctions relief over vague promises. Third, incorporate sunset clauses with review mechanisms to build long-term confidence rather than perpetual suspicion. Fourth, address humanitarian dimensions explicitly—ensuring medicine, food, and civilian aviation spares flow without hindrance. Fifth, foster parallel economic tracks, perhaps through third-party guarantees involving China, Russia, or European actors, to insulate any deal from future U.S. domestic politics.
As these Islamabad talks unfold—potentially extending over critical days with trilateral elements involving Pakistani mediation—the world watches. Iran stands ready: resilient after decades of pressure, prepared to defend its core interests, yet open to a dignified peace that heals wounds and charts a stable regional future. If America finally learns from past betrayals and honors its undertakings, both nations and their peoples emerge as winners. No victors imposing terms, no vanquished submitting—simply two proud civilizations choosing dialogue over drones, cooperation over confrontation. The choice, ultimately, rests with Washington. Iran, true to its revolutionary spirit and historical depth, awaits with cautious hope, unwavering dignity, and the quiet confidence that justice and resilience will prevail.
(This article was written before the talks between Iran and the U.S. in Pakistan ended inconclusively due to excessive demands from the American side)
Mir Mohammad Alikhan is First Muslim Wall Street Investment Bank Founder. Author of 6 books and Ex-Federal Advisor to Pakistan
Tehran Times
