The U.S. and Iran have reached an agreement to free five American detainees in exchange for imprisoned Iranians and to unlock around $6 billion of Iranian oil revenues. This agreement, reached after more than two years of behind-the-scenes negotiations, paves the way for the release of Iranian assets frozen in two South Korean banks since 2019. The freeze came into effect when Washington halted waivers for Iranian oil imports to South Korea and several other nations.

White House National Security Council’s coordinator for strategic communications John Kirby indicated that the asset release is not expected to affect the exchange rate or value of the South Korean won. He added that the U.S. collaborated closely with South Korea to ensure this outcome. The funds will be directed to an account at Qatar’s central bank, subject to restrictions guaranteeing their use exclusively for humanitarian transactions, such as buying medicine and food.