U.S. and Qatar Reach Agreement to Block Iran from Accessing $6 Billion in Funds

The U.S. and Qatari governments have reached an agreement to block Iran from accessing $6 billion in funds that were part of a prisoner swap deal between the Biden administration and Tehran last month.

Deputy Treasury Secretary Wally Adeyemo informed House Democrats of the agreement on Thursday, according to three sources familiar with his remarks. The agreement was also confirmed by a source with knowledge of the arrangement.

The decision comes as the Biden administration faces pressure from both sides of the aisle to prevent Iran from accessing the money, as U.S. officials investigate whether Iran had any involvement in the recent cyberattacks on U.S. government agencies and private companies.

The $6 billion in Iranian oil revenues was unfrozen as part of the prisoner swap last month and transferred from a restricted account in South Korea to Qatar. Adeyemo did not provide a timeline for how long the U.S. and Qatar agreed to block Iran’s access to the money.

Many Republicans have criticized the Biden administration for releasing the funds, claiming it freed up resources for Iran to support the attack. The administration has maintained that the funds were not used to support the attack and that the prisoner swap was a necessary step to secure the release of five Americans who had been wrongfully detained in Iran.