US to Release Billions for Prisoner Exchange

The release of frozen Iranian assets is a key condition set by Tehran for a prisoner exchange with the US. Now, the US government has apparently allowed the transfer of billions of dollars.

The agreement has not yet been finalized, but according to the “Washington Post” and Reuters, the US and Iran are on the verge of a major prisoner exchange.

According to a US document cited by the media, the first step is the US permission to release frozen Iranian assets. The approximately $6 billion (€5.58 billion) is held in accounts in South Korea and could not be transferred due to US sanctions. With a special authorization, banks can now transfer this money – but not directly, rather to accounts in Qatar.

According to the media reports, Secretary of State Antony Blinken signed the special authorization at the end of last week, but only informed Congress about it on Monday. This fulfills a key precondition set by Tehran for the upcoming exchange. Blinken emphasized that the billions may only be used for humanitarian purposes, not for military purposes.

Five prisoners expected to be released

In return, it is expected that Iran will release five American citizens who were recently held in custody and then placed under house arrest. Iranians imprisoned in the US are also expected to be released through the deal. The “Washington Post” reported that the release of five individuals is planned. However, the details of the agreement are still being worked out.

The transfer of the money and the prisoner exchange could take place as early as next week, according to Reuters, citing insiders.

Objections to the deal

US citizens imprisoned in Iran include businessman Siamak Namazi, who was sentenced to ten years in prison in 2016 for espionage, businessman Emad Sharghi, who has been detained since 2018, and environmental activist Morad Tahbaz. All three also hold Iranian citizenship, with Tahbaz additionally holding British citizenship. Iran, meanwhile, has been trying for years to secure the release of over a dozen of its citizens imprisoned in the US, some of whom also hold dual citizenship.

There have already been objections to the possible exchange. Critics in the US fear that Tehran will ultimately be able to use the billions of dollars for military purposes.