Secretary of State Antony Blinken determined on November 8 that “it is in the national security interest of the United States” to waive mandatory economic sanctions that bar Iraq from transferring upward of $10 billion to Iran in electricity import payments.
The Biden-Harris administration has renewed the waiver repeatedly over the objections of congressional Republicans, who warned that the cash helped fuel terrorism and Iran’s war against Israel. In one case, the administration signed off on the sanctions relief one month after Hamas’s October 7 attack on Israel.
The most recent iteration of the waiver lifts sanctions for 120 days, at which time the incoming Trump administration will have to decide whether Tehran will continue receiving the relief.
Though the first Trump administration did green-light the same waiver—causing tension with some congressional Republicans—it narrowly tailored the waiver to restrict Iranian access to the cash. The Biden State Department tweaked the waiver last year to allow Tehran to convert the funds from Iraqi dinars to euros, then hold those euros in bank accounts based in Oman. Access to a widely traded currency like the euro enables Iran to more easily spend the cash in international markets. Under the first Trump administration, Iran had to keep the cash in an escrow account in Baghdad, making it more difficult to access.
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