Biden Unlocks Fresh Funds to Iran Totaling Billions

The Biden administration on Tuesday reapproved a sanctions waiver that will allow Iran to access upward of $10 billion in frozen assets, the State Department confirmed to the Washington Free Beacon.

The sanctions waiver, which was set to expire today after first being authorized for a period of 120 days in July, allows Iraq to transfer payments for multibillion-dollar electricity imports from Iran into accounts outside of the country that can be used by Tehran. This is the first time the Biden administration has renewed the waiver since the Iran-backed terror group Hamas launched an unprecedented attack on Israel that was reported to have been planned with Tehran's support.

Renewal of the waiver "allows Iraq to use its own funds to render payment for Iranian electricity imports into restricted Iranian accounts in Iraq," a State Department official told the Free Beacon, speaking only on background. "These restricted funds can only be used for humanitarian and other non-sanctionable transactions."