Secretary of State Antony Blinken has approved a waiver of U.S. sanctions to enable international banks to facilitate the transfer of around $6 billion in Iranian oil revenue.
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The waiver is part of an arrangement to secure the release of five detained American citizens held in Iran.
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The transfer involves funds from a restricted account in South Korea, frozen when sanctions were reimposed against Iran.
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The $6 billion will be moved to Qatar, with restrictions on how Iran can use the funds, ensuring they are directed towards humanitarian purposes.
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No taxpayer funds are being utilized in this process.
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The detained American citizens include Siamak Namazi, Emad Shargi, Morad Tahbaz, and two others whose identities have not been disclosed.
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Officials anticipate the Americans' release in the coming weeks, possibly as soon as next week.
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There is a commitment to ensuring the funds are used for humanitarian purposes, with safeguards and checks in place to prevent misuse.
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The Treasury Department will closely monitor transactions and has the authority to veto them.
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Critics, such as House Foreign Affairs Committee Chairman Michael McCaul, argue that waiving sanctions creates a concerning incentive for hostage-taking by adversaries like Iran.
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