By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
IndebtaIndebta
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
IndebtaIndebta
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
Indebta > News > US says it can deny Iran access to $6bn in funds held in Qatar
News

US says it can deny Iran access to $6bn in funds held in Qatar

News Room
Last updated: 2023/10/12 at 9:28 PM
By News Room
Share
5 Min Read
SHARE

Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Senior US officials have vowed to stop $6bn in Iranian funds held in a Qatari account from being transferred to Tehran without Washington’s consent, as they tried to defuse a bipartisan political backlash over the money after Hamas’s attacks on Israel.

The US had allowed the frozen Iranian assets to be sent from South Korea to Qatar as part of a prisoner swap deal with Tehran last month, on condition that any eventual transfers of the funds to the country be directed to humanitarian aid.

But the transfer of the money to Qatar, which is a US ally but also has close ties to Iran and Hamas, has turned into a political vulnerability for the Biden administration following the attacks on Israel. The sudden outbreak of war last Saturday has led for sweeping calls from Republicans and even some Democrats on Capitol Hill for the White House to refreeze the money or block it from being sent to Iran under any circumstances.

On Thursday, top US officials tried to reassure Congress and the public that the money was subject to strict safeguards that would prevent it from heading to Iran without their approval.

“We’ve always had the option, if we wanted it, to look at transactions and to make a call about whether we found it valid or not,” said John Kirby, the co-ordinator for strategic communications at the National Security Council, on Thursday. “None of that money has been accessed by anybody. It’s still all there.”

“Funds from that account are overseen by the Treasury department [and they] can only be dispensed for humanitarian goods,” said Antony Blinken, US secretary of state. “We have strict oversight of the funds and we retain the right to freeze them.”

Earlier in the day, Wally Adeyemo, the deputy Treasury secretary, briefed lawmakers on Capitol Hill about the fate of the funds. Some US media reported that Adeyemo told lawmakers there was an informal understanding with Qatar that the money would not be transferred to Iran, but the Treasury declined to confirm that. Qatar did not immediately respond to a request for comment.

One person familiar with Adeyemo’s briefing said that Lois Frankel, a Florida Democrat, pressed Adeyemo to guarantee that the money was permanently frozen, but he couldn’t guarantee that. Kirby also declined to say whether there was any deal with Qatar — even an informal one — ensuring that the money could not be sent to Iran.

Brad Sherman, a Democratic representative from California, told the Financial Times that he would like to see all the documents related to the original deal with Qatar and Iran over the $6bn in funds, and believed they should be immediately transferred back to South Korea.

Sherman said he worried that even if Qatari authorities stopped the money from flowing to Iran for now, they would restore it eventually.

Democrats will face tough elections in the 2024 congressional races — including Senator Jon Tester of Montana and representative Elissa Slotkin of Michigan — who have been most vocal in calling for president Joe Biden to block the funds.

Last month’s US deal to unfreeze the Iranian funds has quickly become a political punch bag. “We need to freeze those assets and send a message to the world that we stand shoulder-to-shoulder with Israel. And there is no daylight,” said Tim Scott, the South Carolina senator who is running in the Republican primary race.

Mike Lawler, a Republican representative from New York, introduced a resolution in the lower chamber of Congress calling for the release of the funds to be reversed.

“We absolutely cannot turn a blind eye to the continued support of terrorism by the Iranian regime and the administration must immediately rescind the waiver that allowed for the transfer of these illicit funds to Iran,” he said in a statement.

Read the full article here

News Room October 12, 2023 October 12, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
China’s weaponisation of rare earths is a new kind of trade war

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

UBS grants ‘goodwill payments’ to clients hit by Trump trading losses

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

The markets just don’t believe Trump on tariffs

Unlock the White House Watch newsletter for freeYour guide to what Trump’s…

EU pushes to fill Ukraine’s $19bn budget gap next year

Stay informed with free updatesSimply sign up to the War in Ukraine…

Private equity abandons early recruiting after Jamie Dimon fightback

Stay informed with free updatesSimply sign up to the Private equity myFT…

- Advertisement -
Ad imageAd image

You Might Also Like

News

China’s weaponisation of rare earths is a new kind of trade war

By News Room
News

UBS grants ‘goodwill payments’ to clients hit by Trump trading losses

By News Room
News

The markets just don’t believe Trump on tariffs

By News Room
News

EU pushes to fill Ukraine’s $19bn budget gap next year

By News Room
News

Private equity abandons early recruiting after Jamie Dimon fightback

By News Room
News

Samsung profits take big hit from US chip controls and AI memory shortfalls

By News Room
News

Donald Trump says US will send Ukraine more arms

By News Room
News

VCR: Short-Term Risks Overshadow Long-Term Gains (NYSEARCA:VCR)

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?