(Bloomberg) -- The US cleared the way for $6 billion in oil proceeds to be returned to Iran and agreed to release five Iranians as part of a secretly negotiated deal that will clear the way for five American citizens detained in Iran to return home.Most Read from BloombergTrudeau Is Stuck in India With Faulty Aircraft After Hearing Criticism From ModiThe Mighty American Consumer Is About to Hit a Wall, Investors SayTesla and China Risk Leaving Volkswagen on a Road to NowhereTech Giants Power Sto
Secretary of State Antony Blinken notified Congress on Monday of a waiver that will let German, Irish, Qatari, South Korean and Swiss banks transfer the $6 billion from South Korea without fear of running afoul of US sanctions. He said the $6 billion would be held in restricted accounts in Qatar, where it will be “available only for humanitarian trade,” according to a copy of the notification.
Adrienne Watson, a spokeswoman for the White House National Security Council, said in a statement that “what is being pursued here is an arrangement wherein we secure the release of five wrongfully held Americans. This remains a sensitive and ongoing process. While this is a step in the process, no individuals have been or will be released into US custody this week.”
US officials have privately acknowledged they’ve already begun to relax enforcement of sanctions on oil sales, allowing Tehran to boost production. Iran, which has some of the world’s largest oil and gas reserves, has been shipping the most crude to China in a decade in recent months.
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