Biden administration officials have said that the funds, the proceeds of Iranian oil sales to South Korea, can only be spent for humanitarian purposes.
Iranian President Ebrahim Raisi during a meeting with Turkish Foreign Minister Hakan Fidan in Tehran on Sept. 3, 2023.Iranian President Ebrahim Raisi said his government will decide how it will spend $6 billion in previously frozen funds due to be released under a prisoner exchange agreement with the United States, telling NBC News’ Lester Holt that the money “belongs to the Iranian people.”
Under the prisoner swap arrangement, Iran will be granted access to roughly $6 billion in Iranian oil revenues that were blocked in South Korean banks due to U.S. sanctions. But U.S. officials say Qatar’s central bank will oversee the funds and Iran will only be permitted to use the money for humanitarian purposes in accordance with U.S. sanctions.
The prisoner exchange calls for the release of five American citizens held in Iran in return for five Iranians under detention in the United States, and also grants Tehran access to the $6 billion in oil revenues that have been blocked.
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