Biden-Harris admin lifted $10 BILLION in Iranian sanctions after Trump win

The waiver has been repeatedly renewed by the Biden-Harris administration, despite the objections of congressional Republicans who have expressed concern that the funds are contributing to the financing of terrorism and Iran's war against Israel. In one instance, the sanctions relief was approved by the administration one month following Hamas's attack on Israel on Oct. 7, 2023, the outlet reported. The most recent waiver suspends sanctions for 120 days. Subsequently, the incoming Trump administration will be required to determine whether Tehran will continue to receive the relief.

While the initial Trump administration approved the same waiver, the conditions were designed to limit Iranian access to the funds. Last year, the Biden State Department modified the waiver to enable Tehran to convert the funds from Iraqi dinars to euros and subsequently deposit those euros in Iranian bank accounts in Oman. Iran was required to maintain the funds in an escrow account in Baghdad during Trump's first term, which resulted in increased accessibility constraints. Iran is now more easily able to spend its cash in international markets by having access to the euro, a commonly traded currency.

During a press briefing, State Department deputy spokesman Vedant Patel told reporters: "We remain committed to reducing Iran's malign influence in the region. Our viewpoint is that a stable, sovereign, and secure Iraq is critical to these efforts."