US clears way for deal with Iran to free detained Americans

Secretary of State Antony Blinken has signed off on a blanket waiver of U.S. sanctions that paves the way for international banks to allow the transfer of roughly $6 billion in Iran oil revenue in exchange for Iran's release of five detained American citizens, a move Congress was informed of Monday, multiple sources familiar with the matter said.

Blinken approved the sanctions waiver last week, the sources said.

The $6 billion is coming from a restricted account in South Korea, where it was effectively frozen when the U.S. reinstated sanctions against Tehran after former President Donald Trump left the Joint Comprehensive Plan of Action (JCPOA) on Iran's nuclear program and will be transferred to Qatar with restrictions on how Iran can spend the funds.

The latest development was first reported by the AP.

The detained U.S. citizens include Siamak Namazi, Emad Shargi and Morad Tahbaz, as well as two others who asked that their identity not be made public.

After the deal in principle was struck last month, officials anticipated that the release of the Americans would take weeks. On track with that timeline, a source advises that the Americans could be coming home as soon as next week if all continues to go to plan.

Last month, U.S. officials said they planned to ensure that the $6 billion would go toward humanitarian causes and not Iran's nuclear or weapons programs -- but it was unclear how exactly they would ensure that.

It's still unclear what guardrails will be in place, but according to one senior administration official Monday, "there are lots and lots of checks in place so they can't cheat" and "the Treasury Department will have eyes on all the transactions and has veto power."