Biden Admin approves $6B transfer to Iran for American prisoners’ release.

The ‍United States has⁣ taken a significant step towards carrying out a previously announced U.S.-Iran prisoner swap by‌ waiving ⁣sanctions to⁤ allow the transfer of $6 billion in Iranian‌ funds from South⁣ Korea ⁣to Qatar, according ​to a U.S. document ​seen by Reuters ⁤on ⁣Monday.

The broad outlines of the U.S.-Iran ⁤deal, which involves the release⁣ of five U.S. ⁢citizens detained by Iran in exchange for the transfer of funds and the release of five Iranians held in the⁢ United ​States, were⁣ made public on Aug. 10.

Secretary of⁣ State Antony ⁤Blinken, as stated in the State Department document seen by Reuters, ‍has determined ⁢that⁣ waiving⁤ the sanctions ⁤is in the⁣ national security interests of the United States.

This⁤ document,‍ sent to U.S. congressional committees, ⁤marks the first formal acknowledgment by the ‍U.S. government that it is releasing five‌ Iranians detained in the United States as part of the ​agreement to secure the freedom of the five U.S. ​citizens.

“To facilitate their release, the United States⁤ has ⁢committed to release five Iranian nationals currently detained in the United ‍States and to permit⁤ the transfer of approximately $6 billion in Iranian​ funds held in restricted ⁤accounts in the Republic of⁢ Korea to restricted accounts in ​Qatar, where the funds will be ​available only for ​humanitarian trade,” it said.
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The document also emphasizes that ⁢the transfer⁣ of funds would only provide “limited benefit to Iran” since the funds ‌can​ only be ⁤used‌ for ⁢humanitarian trade.

“Allowing ⁢these funds to be transferred from restricted Iranian accounts held ​in the Republic ⁣of Korea⁢ to accounts in Qatar for humanitarian trade ‍is ⁢necessary to⁣ facilitate the release of these U.S. citizens,” the document ⁢explained.

According to eight Iranian and‌ other sources familiar with⁣ the⁣ negotiations, the transfer of ‌the $6 billion and the prisoner exchange could take place as ⁤early as‍ next week.

The waiver applies to certain financial ​institutions ⁢under the primary jurisdiction of‌ Germany, Ireland, Qatar, South Korea, and Switzerland, allowing them to engage in ⁤transactions with the​ National Iranian ⁤Oil Company, the Central⁣ Bank of Iran, and other ⁤Iranian financial ⁢institutions under U.S. sanctions.

(Reporting By‍ Humeyra Pamuk; writing by ‍Arshad Mohammed; ⁣editing by Jonathan Oatis, ⁣Sandra Maler,⁤ and Deepa Babington)