What’s happening? – Biden Gave Iran $10 Billion in Sanctions Relief After Trump won

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Following Donald Trump’s victory in the 2024 presidential election, the Biden-Harris administration recently approved a substantial sanctions relief package for Iran, lifting more than $10 billion in sanctions. Secretary of State Antony Blinken reached this judgment on November 8 after concluding that allowing Iraq to send money to Iran for electricity imports was in the United States’ best interests in terms of national security.

While the Trump administration had previously authorized a similar waiver, it had restricted Iran’s access to the funds by requiring them to be held in an escrow account in Baghdad, making it harder for Iran to access. Under the Biden administration, however, the waiver has been loosened, enabling Iran to convert the funds from Iraqi dinars to euros and hold them in bank accounts in Oman. This has raised concerns that the Iranian regime could more easily access international markets and use the funds for purposes other than humanitarian aid, including supporting its military activities and terror proxies across the region.

Republican critics argue that the money is fungible, meaning Iran could divert funds meant for humanitarian purposes to its regional terror networks, including Hamas, Hezbollah, and the Houthi rebels in Yemen. Iran’s support for these groups, especially in light of its involvement in attacks on Israel, has sparked backlash. Furthermore, the sanctions relief follows another controversial move by the Biden administration, which earlier waived $6 billion in sanctions on Iran, enabling unprecedented support for the Houthi rebels, who have been involved in missile attacks against Israeli civilian targets and threats to global shipping routes.

The timing of these actions has raised questions about the administration’s priorities, with critics arguing that easing sanctions on Iran could inadvertently empower the regime and its proxies at a time of rising global tensions, especially with Israel. The Biden administration continues to defend its decision, insisting that the funds are strictly for humanitarian purposes, but these measures have fueled further divisions among lawmakers and security experts.

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