Joe Biden Agrees to Release $6B Frozen Iranian Funds for Prisoners Swap

The Joe Biden administration has reached a significant agreement with Iran, facilitating a prisoner swap and the release of $6 billion in frozen Iranian funds, according to Fox News.

Under the terms of the deal, Iran will release five American citizens detained in the country, while the United States will release five Iranian citizens held in the country.

One crucial aspect of the agreement is the creation of a blanket waiver that allows for the transfer of $6 billion in frozen Iran funds from South Korea to Qatar, with the assurance that such a transfer will not run afoul of US sanctions.

It is important to note that this money is not being sent directly to Iran, and no US taxpayer funds are involved in the transaction.

The United States officially designates Iran as a state sponsor of terrorism.

Secretary of State Antony Blinken approved the deal late last week, but Congress was not informed of the decision until the following Monday, coinciding with the 22nd anniversary of the 9/11 terrorist attacks.

The transfer of the $6 billion played a pivotal role in the prisoner release agreement, which had previously seen four of the five American detainees transitioned from Iranian jails to house arrest last month, while the fifth detainee had already been under house arrest.

Joe Biden Also Agrees to Release 5 Iranian Nationals Along With the Frozen Iran Funds

American detainees to be released include Siamak Namazi, who was detained in 2015 and subsequently sentenced to 10 years in prison on espionage charges that were widely criticized internationally; Emad Sharghi, a venture capitalist who received a 10-year prison sentence; Morad Tahbaz, a British-American conservationist of Iranian descent who was arrested in 2018 and sentenced to 10 years in prison.

The identities of the fourth and fifth American detainees were not disclosed, AP reports.

To facilitate the release of these individuals, the United States has committed to releasing five Iranian nationals currently held in the US, along with the release of approximately $6 billion in frozen Iran funds from South Korea to restricted accounts in Qatar.

These funds will be exclusively available for humanitarian trade purposes.

The sanctions waiver associated with this deal applies to financial institutions in several countries, including South Korea, Germany, Ireland, Qatar, and Switzerland.

It permits transactions involving previously penalized entities such as the National Iranian Oil Company and the Central Bank of Iran, allowing the transfer of funds between accounts in different countries for humanitarian transactions under the guidance of the US Government.

Senate Republican Critics Blast Joe Biden's Decision, Calls the Move 'Shameful'

Several Senate Republicans, led by Sen. Tom Cotton (R-Ark.), have criticized the Biden administration's decision to release $6 billion in frozen Iranian funds in exchange for releasing five American detainees.

They have labeled the move as "shameful," per The Hill.

Cotton expressed his disapproval, stating that President Joe Biden had already used the anniversary of 9/11 to exit Afghanistan, and now he was further upsetting the day by engaging in negotiations with Iran.

Other Republican senators warned that rewarding Iran through such exchanges could set a dangerous precedent and encourage future detentions of Americans abroad.

Sen. Mitt Romney (R-Utah) criticized the move, likening it to the controversial "guns for hostages" episode during the Reagan administration.

Sen. Chuck Grassley (R-Iowa) also voiced his opposition to the prisoner exchange on social media, indicating widespread Republican discontent with the administration's actions.

This article is owned by Latin Post.

Written by: Bert Hoover

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