The Iranian foreign ministry recently announced that there will be no restrictions on the release of frozen assets to Tehran, following a politically charged agreement with the Biden administration. This agreement will result in the return of five imprisoned American citizens in exchange for the Iranian regime gaining access to billions of dollars.
In a statement, Iran’s foreign ministry stated, “The process of releasing billions of dollars from the assets of the Islamic Republic of Iran, which were illegally seized in South Korea by the United States for several years, has begun. The decision on how to utilize these unfrozen resources and financial assets lies with the Islamic Republic of Iran.”
However, John Kirby, a spokesman for the National Security Council, contradicted this assertion by stating that Iran can only use the money for humanitarian purposes. He clarified, “We’re not changing the rules. We are simply moving the account to a country that will enable Iran to access the funds for the same purposes as they were able to under the Trump administration. The money is designated for humanitarian purposes, and it will be overseen with the same level of scrutiny as previous accounts.”
The Iranian foreign ministry’s statement also emphasized that the success of the deal depends on a commitment by the U.S. to release Iranians imprisoned in the country. They highlighted that “prisoners sought by the United States still remain in Iran.”
Iran’s deputy foreign minister, Ali Bagheri Kani, further confirmed through a social media post that the U.S. will release several Iranian prisoners as part of the exchange. Negotiations are underway to bring the five Americans home, according to Kirby, who stressed that this process is not about ransom or sanctions relief and does not involve U.S. taxpayer dollars.
Regarding the initial step of the deal, a source familiar with the situation stated that Iran is not receiving anything at this point. The source emphasized the importance of ensuring that Iranian prisoners are released concurrently with the return of the American citizens.
The U.S. prisoners involved in the agreement include Siamak Namazi, who has been held in Iran for nearly eight years, Emad Shargi, a resident of Washington, D.C., and Morad Tahbaz, a U.S.-U.K. national. The remaining two Americans wish to remain unidentified, as confirmed by the White House and State Department. The deal will be considered complete once the Americans return to U.S. soil, potentially as early as September, although its success depends on Iran following through with its commitments.
Under the terms of the arrangement, approximately $6 billion of frozen Iranian assets will be transferred to a bank account in a third country over the next few weeks, granting Iran access to these funds. Officials in two Western-allied countries have revealed that Qatar will hold these funds in restricted accounts.
It is important to note that the U.S. is not lifting any sanctions or providing any taxpayer money to Iran. The source familiar with the deal affirms that any fund transfers will be closely monitored by the U.S. Treasury Department to ensure compliance with existing sanctions and the sole use of the restricted funds for permissible trade purposes.
In conclusion, this agreement between the U.S. and Iran involves the release of American prisoners and the release of frozen assets to Iran. It is a complex diplomatic process that requires careful monitoring and adherence to existing sanctions. Qatar will play a crucial role as the custodian of the restricted funds.
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