The recent conflict between Israel and the Palestinian militant organization Hamas, which resulted in the loss of over 1,100 lives on both sides, has brought renewed attention to the Iran-backed Islamist group.
On Saturday, Hamas launched a surprise assault on Israel, leading to a retaliatory response that tragically claimed the lives of more than 1,100 individuals. This escalation of hostilities has refocused international scrutiny on Hamas, an organization with ties to Iran.
US Secretary of State Antony Blinken addressed the situation, stating on Sunday that Iran had yet to access any portion of the USD 6 billion in funds that were unfrozen as part of a US-Iran prisoner exchange in September.
Blinken further clarified that while he had not seen concrete evidence implicating Iran in directing or orchestrating this specific attack, there exists a longstanding relationship between Iran and Hamas, warranting attention and scrutiny.
The background to the Iran prisoner swap deal involves a complex agreement authorized by President Joe Biden in August. The agreement allowed for the release of five US citizens held in detention in Iran, who were permitted to leave the country in exchange for the transfer of USD 6 billion in Iranian funds that had been frozen in South Korea. Concurrently, five Iranians held in the United States were allowed to depart.
The USD 6 billion in question represented Iranian assets frozen in South Korean banks. These funds became inaccessible to Iran when, under the administration of former President Donald Trump in 2019, Washington implemented a comprehensive embargo on Iranian oil exports and imposed sanctions on its banking sector. As a result, Iranian oil revenue held in Seoul was blocked.
Currently, these funds remain under the oversight of Qatar's central bank, located in Doha, rather than being disbursed to Iran. It is essential to note that these funds do not involve US taxpayer dollars; they consist of Iranian resources generated through oil sales, which had been locked in a South Korean bank.
Under the terms of the Iran prisoner deal, the allocated USD 6 billion can exclusively be used for humanitarian purposes. This may encompass acquiring essential items such as food or other goods outside Iran for importation. US officials have emphasized that the funds are designated for humanitarian-related endeavors, consistent with the agreement's stipulations.
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