Biden admin extends $10B Iran sanctions waiver 2 days after Trump election win

The Biden administration has renewed a controversial sanctions waiver that will allow Iran access to some $10 billion in payments from Iraq – an action that came just two days after President-elect Trump emerged victorious on Election Day.

Secretary of State Antony Blinken again extended the waiver for humanitarian trade, which permits Iran to access accounts in Iraq and Oman. However, Republican critics have said that allowing the Iranian regime access to these funds frees up money Iran can use to support terrorism in the Middle East or advance its nuclear program.

“On November 7th, the department did renew Iraq’s electricity waiver for the 23rd time since 2018. It was done so for an additional 120 days,” State Department spokesman Vedant Patel confirmed last week. 

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U.S. Secretary of State Antony Blinken authorized a sanctions waiver that permits Iran to access $10 billion in payments for electricity from Iraq.  (AP Photo/Alex Brandon)

“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,” he added, pointing out that this sanctions waiver began in 2018 during the first Trump administration. 

Congress has passed several sanctions targeting Iran that give the president authority to temporarily suspend, or “waive” the sanctions if the president determines doing so is in the interests of U.S. national security. 

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Republicans have argued that sanctions waivers for Iran allow the regime to free up funds for its weapons programs and support for terror groups. (Fatemeh Bahrami/Anadolu via Getty Images)

The waiver is set to expire after Trump takes office in January. It is unclear whether the Trump administration would again extend the sanctions relief. The Trump transition team did not immediately respond to a request for comment.

House Foreign Affairs Committee Chairman Michael McCaul, R-Texas, argued Tuesday that the sanctions waiver allows Iran to fund proxy terror groups that have attacked U.S. forces in the Middle East.

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House Foreign Affairs Committee Chairman Michael McCaul (R-Texas) speaks during a news conference following a House Republican Conference meeting at the U.S. Capitol on Sept. 10, 2024 in Washington, D.C.  (Kent Nishimura/Getty Images)

“The House voted to eliminate these waiver authorities — twice. But the Biden administration is still waiving the sanctions, putting more money in the Iranian regime’s pockets to fund its terrorist proxies and nuclear weapons program,” McCaul posted on X. 

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“The U.S. should not be subsidizing Iran’s malign activities.”