Biden administration clears path to transfer $6bn in Iranian assets

Secretary of State Antony Blinken said it was in the ‘national security interest’ of the US to waive sanctions [File: Luong Thai Linh/AP Photo pool]

The administration of United States President Joe Biden has cleared the way for the release of five American citizens detained in Iran by issuing a blanket waiver for international banks to transfer $6bn in frozen Iranian money from South Korea to Qatar without fear of sanctions.

In addition, as part of the deal, the administration has agreed to release five Iranian citizens held in the US.