The Biden administration has cleared the way for the release of five American citizens detained in Iran by issuing a blanket waiver for international banks to transfer USD 6 billion in frozen Iranian money from South Korea to Qatar without fear of US sanctions. In addition, as part of the deal, the administration has agreed to release five Iranian citizens held in the United States. The transfer of the USD 6 billion was the critical element in the prisoner release deal, which saw four of the five American detainees transferred from Iranian jails into house arrest last month. Due to numerous US sanctions on foreign banks that engage in transactions aimed at benefitting Iran, several European countries had balked at participating in the transfer. Blinken's waiver is aimed at easing their concerns about any risk of US sanctions.

Source: The Telegraph September 12, 2023 11:06 UTC