Biden Extends $10B Iran Sanctions Waiver Amid Republican Outcry

Dec 11, 2024, 04:00 PM

In a move that has sparked controversy, the Biden administration extended a $10 billion sanctions waiver for Iran just two days after Donald Trump won the 2024 U.S. presidential election. The waiver, which allows Iran to access approximately $10 billion in funds from Iraq, was justified by Secretary of State Antony Blinken as serving the 'national security interest of the United States.' Critics, including Republican lawmakers, argue that this decision will funnel money to Iran, potentially supporting terrorism, as Iran backs proxy groups like Hamas and Hezbollah. The waiver was tweaked last year to permit Tehran to convert Iraqi dinars to euros and hold those euros in bank accounts. This action has been criticized as rewarding Iran's terrorist regime and undermining American interests.