US Okays Prisoner Swap Deal With Iran, To Release $6 Billion In Frozen Iranian Funds

In a big move, US President Joe Biden's administration has cleared the way for the release of five American citizens detained in Iran by sanctioning waivers for international banks to transfer $6 billion in frozen Iranian money, as reported by The Associated Press.

Secretary of State Antony Blinken signed off on the sanctions waivers late last week, which also includes the release of five Iranian citizens being held in the United States, the report added. The US has issued a blanket waiver for international banks to transfer USD 6 billion in frozen Iranian money from South Korea to Qatar without fear of US sanctions.

Notably, the sanctions waiver is applicable to the banks and other financial institutions in South Korea, Germany, Ireland, Qatar and Switzerland, the report added.