Biden administration clears the way for release of American prisoners in Iran
Last week, US Secretary of State Antony Blinken issued a blanket waiver for international banks to transfer $6bn in frozen Iranian money from South Korea to Qatar without fear of sanctions. This move paves the way for the release of five American citizens detained in Iran. The waiver was issued as part of an ongoing prisoner transfer deal between the US and Iran.
As part of the deal, the Biden administration has also agreed to release five Iranian citizens held in the US. The names of the prisoners have not been disclosed. The outlines of the deal had been previously announced, but this notification marks the first confirmation that the administration will release five Iranian prisoners.
The waiver has drawn criticism from Republicans and others who argue that it will boost the Iranian economy at a time when the country poses a growing threat to US troops and allies in the Middle East. Senator Chuck Grassley of Iowa called it ridiculous that the US would be paying $6bn for hostages, indirectly financing Iran’s foreign policy of terrorism. Meanwhile, Senator Tom Cotton of Arkansas accused Biden of paying ransom to the world’s worst state sponsor of terrorism.
The waiver allows European, Middle Eastern, and Asian banks to convert the frozen Iranian money in South Korea and transfer it to Qatar’s central bank without violating US sanctions. The funds will be held by Qatar for Iran to use exclusively for the purchase of humanitarian goods. This transfer of $6bn was a critical element in the prisoner release deal. Four of the five American detainees were transferred from Iranian jails into house arrest last month, while the fifth detainee was already under house arrest.
Due to existing US sanctions on foreign banks engaging in transactions benefiting Iran, several European countries had hesitated to participate in the transfer. Blinken’s waiver aims to address their concerns and mitigate the risk of US sanctions.
Negotiators expect the detainees to be released as early as next week. The American prisoners include Siamak Namazi, who was detained in 2015 on spying charges, Emad Sharghi, a venture capitalist, and Morad Tahbaz, a British-American conservationist. The fourth and fifth prisoners have not been identified.
The sanctions waiver applies to banks and financial institutions in South Korea, Germany, Ireland, Qatar, and Switzerland. Blinken stated that the waiver is in the national security interest of the United States and permits the transfer of funds from restricted Iranian accounts in South Korea to Switzerland and Germany, and then to Qatar. The transferred funds can only be used for humanitarian trade, following guidance from the US Government.
By issuing this blanket waiver, the Biden administration hopes to facilitate the release of the detained Americans and maintain diplomatic relations with Iran while addressing concerns about supporting the Iranian economy amidst escalating tensions in the region.
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