U.S. to swap prisoners with Iran, unfreeze billions in funds

The Biden administration notified Congress on Monday that it cleared the way for international banks to release $6 billion in frozen Iranian assets as part of a prisoner swap deal. Iran will release five American prisoners, including a venture capitalist and a conservationist. The United States will also release five Iranian prisoners. The exchange could occur as soon as next week.

How will the financial deal work? The U.S. government will grant a waiver for international banks to transfer funds to Iranian accounts without consequences from U.S. sanctions. The funds will be released from frozen accounts in several countries to monitored accounts in Qatar. Critics of the deal said it will encourage Iran to engage in hostage diplomacy. Also on Monday, the head of the International Atomic Energy Agency warned that Iran is continuing to develop its nuclear program without meaningful oversight or accountability. The U.S. State Department still lists Iran among international state sponsors of terrorism.

Dig deeper: Listen to Cal Thomas’s report on The World and Everything in It podcast about the negotiations over the deal.