Published at Open the Books Substack
The Trump administration is currently undertaking negotiations with Iran with an aim to prevent the country from developing nuclear weapons, and bring peace to a region rocked with conflict, often funded by Iran itself, and, oddly enough, the United States.
As Trump weighs his options, Open the Books reviewed the financial benefits—worth at least $160 billion—incurred by Iran during the Biden administration through relaxed sanctions and a substantial payout to release Americans imprisoned by the Iranian regime.
In November 2024, the Biden administration renewed sanction relief for Iran, worth an estimated $10 billion. The funding is from Iraq, which was granted a waiver to purchase electricity from Iran.
The waiver was initially given under the Trump administration in 2018 under strict rules that forced Iran to keep the funds in an escrow account in Baghdad. Under Biden, Iran could instead convert the funds from Iraqi dinars to euros, a currency that is far easier to use on the international markets. The Biden administration additionally maintained the funds could only be used for humanitarian purposes.
In March 2025 the Trump administration let the waiver lapse, stating that the expiration "ensures we do not allow Iran any degree of economic or financial relief” as the country apparently continues to pursue a nuclear weapons program, accusations which its leaders deny.
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