US would have ‘full visibility’ into where Iranian funds are used: White House

The White House stressed on Friday that there would be restrictions on what Iran could do with any funds unfrozen under an emerging agreement that has led to the release of five Americans from prison to house arrest in Tehran.

White House spokesperson John Kirby told reporters that the United States would have “full visibility” into where any released Iranian funds are directed and used. An estimated $6 billion in Iranian assets are now held in South Korea.

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“Essentially, the funds can only be accessed for food, medicine, medical equipment that would not have a dual military use,” he said. “And there will be a rigorous process of due diligence and standards applied with input from the US Treasury Department.”

The five Americans will be allowed to leave Iran after the funds are unfrozen, a source familiar with the matter told Reuters.

While stressing that negotiations are ongoing and “the deal is not done,” Kirby said there would be “no impediment” to the transfer of the restricted account from South Korea to Qatar, where Iran would then be able to access the funds.

The potential transfer has drawn Republican criticism that President Joe Biden, a Democrat, is effectively paying a ransom for the US citizens. Moreover, they contend that allowing Iran to use the money for humanitarian goods could free up funds for its nuclear program or to back militias in nations such as Iraq, Lebanon and Yemen.

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