President Biden has approved a contentious agreement with Iran to secure the release of five American citizens in exchange for granting Iran access to billions of dollars in blocked funds held abroad, according to reports.
Currently, $6 billion of these funds are held in a restricted account in South Korea, inaccessible due to sanctions on Iran.
The prisoners include Siamak Namazi, held for nearly eight years, Emad Shargi, and Morad Tahbaz. Two other unidentified Americans are also part of the deal. These four were moved to house arrest from Iran’s Evin Prison, while the fifth was already under house arrest.
Adrienne Watson from the National Security Council confirmed the house arrest and ongoing delicate negotiations for their full release, emphasizing the administration’s commitment to bringing them home.
The Iranian mission to the UN confirmed a reciprocal release agreement for five prisoners, though a U.S. official noted no releases from U.S. custody have occurred yet.
Secretary of State Anthony Blinken acknowledged the development as positive but stressed more work is needed. Babak Namazi, Siamak’s brother, expressed cautious optimism but stressed the need for their full return.
The deal stipulates the $6 billion will be transferred to an account in a third country, likely Qatar, and will be closely monitored to ensure compliance with sanctions. The U.S. is not lifting any sanctions or providing direct cash to Iran.
White House national security adviser Jake Sullivan had previously noted efforts to free four Americans, which now includes a fifth detainee. Recent indirect negotiations have faced several hurdles, including the suspension of U.S. envoy Rob Malley.
Brett McGurk, White House coordinator for the Middle East and North Africa, has led recent negotiations, echoing his role in a 2016 prisoner swap post-nuclear deal. That swap involved $400 million in cash transferred to Iran amid significant political fallout.
Namazi, detained since 2015, felt abandoned in the 2016 swap but is included in the current agreement. This time, funds will be strictly regulated for non-sanctionable trade, though critics may still argue it indirectly supports Iran’s regime.
Multiple countries, including Switzerland, Oman, and Qatar, have facilitated the diplomacy.
Iran’s economy struggles under sanctions, yet continues trading oil with Russia and China.
Simultaneously, challenges persist regarding Iran’s nuclear development since the U.S. exited the JCPOA in 2018. Although Biden aimed to revive the deal, efforts have stalled.
The U.S. intelligence community believes Iran’s leadership has not yet decided to pursue a nuclear weapon, despite ongoing developments in its nuclear capabilities.
In early June, Iran hinted at a potential nuclear arrangement with the West, and by July, there were indications Iran had slowed some nuclear activities, though the Biden administration has not confirmed any new agreements.
