Iran’s illicit oil sales have reached $80 billion since Biden’s inauguration.
Biden administration’s Iran policies under renewed scrutiny in light of Hamas’s weekend attack
Iran has raked in approximately $80 billion from its illicit oil sales since the Biden administration took office and relaxed sanctions on the hardline regime. This influx of cash has not only helped Tehran sustain itself but has also provided support to its terror allies like Hamas.
Claire Jungman, chief of staff at United Against a Nuclear Iran, a watchdog group that closely tracks Tehran’s illicit oil exports and arsenal of tankers, stated, “Iran has generated approximately $80 billion in revenue from oil sales under the Biden administration.” A significant portion of this oil is shipped to China, which is one of Iran’s top patrons.
Due to the Biden administration’s decision to ease economic sanctions, Iran’s oil exports have reached a five-year high. This surge in revenue has enabled the hardline regime to funnel funds to its regional terror proxies, particularly Hamas, which is currently engaged in an unprecedented war on Israel with Iran’s backing. According to the Wall Street Journal, Iran played a role in planning Hamas’s weekend attack and gave the terror group the green light to carry it out. Hamas officials have also publicly acknowledged Tehran’s support for their surprise invasion.
Jungman explained, “With the resurgence of Iran’s primary revenue source, oil, into play, it’s paramount to recognize the substantial financial leeway they’ve gained through years of relaxed sanctions. This surplus not only sustained them but also significantly fortified their proxies, such as Hamas in the Gaza Strip and Hezbollah in Lebanon.”
The Biden administration’s policies toward Iran are now facing renewed scrutiny in light of Hamas’s weekend attack. In addition to granting Iran access to billions in oil revenue, the United States released $6 billion in frozen funds as part of a hostage deal last month. Experts believe that this money has contributed to Tehran’s continued funding of terror groups. Furthermore, the administration waived sanctions, allowing Iraq to pay Iran millions for electricity and other debts, making around $10 billion more available to Iran earlier this year.
Richard Goldberg, a former White House National Security Council member who worked on the Iran portfolio, emphasized, “This isn’t just about a $6 billion hostage deal. It’s about a $50-plus-billion nuclear protection racket that’s been going on since May.” He added, “Billions released from Iraq, skyrocketing Iranian oil exports to China, and all of it telling the Iranians that America is weak and will pay any price to avoid a crisis. That’s a green light for Tehran to take its sanctions relief and focus all their resources on crippling the one country trying to stop its nuclear weapons drive: Israel.”
There are indications that access to this cash is enabling Iran to strengthen its terrorism enterprise. For instance, Tehran increased pay by 14 percent for its terror affiliates working with the Islamic Revolutionary Guards Corps, which provides support to Hamas and Hezbollah.
The relaxation of sanctions on Iran’s oil trade has been the most significant boon for the hardline regime. United Against a Nuclear Iran documented at least $44 billion in oil sales as of August 2022, marking a 77 percent increase compared to the Trump administration’s strict sanctions policy. Enforcing sanctions on vessels involved in Iranian oil transport and those aiding such activity is crucial for safeguarding international stability, according to Jungman.
Congress has also demanded action. In April, a bipartisan group of senators criticized the Biden administration for blocking federal agencies from seizing illicit Iranian oil tankers, arguing that this policy choice was only benefiting Tehran.
How have the actions of the Biden administration regarding Iran’s economic sanctions impacted regional stability?
Tage exchange agreement. Critics argue that these actions have emboldened Iran and enabled its support for terrorist groups like Hamas.
The decision to ease economic sanctions on Iran was met with widespread skepticism and concern. Many believed that the Biden administration’s approach to Iran would only empower the regime and undermine regional stability. Unfortunately, recent events have proven these concerns to be valid.
Hamas’s weekend attack on Israel, which has resulted in widespread destruction and loss of life, has shed light on Iran’s role in supporting this terrorist group. Reports suggest that Iran played a crucial role in planning the attack and provided Hamas with the necessary resources and funding to carry it out. This highlights the dangerous consequences of Iran’s increased revenue from illicit oil sales.
Iran’s illicit oil exports have soared since the Biden administration took office. By relaxing sanctions, the US has inadvertently allowed Iran to generate billions in revenue. A significant portion of this money has been funneled into supporting Hamas and other terrorist organizations. This not only poses a direct threat to Israel but also undermines regional stability and peace efforts.
Critics argue that the Biden administration’s policies towards Iran have emboldened the regime and provided it with the financial means to support terrorist activities. The release of frozen funds as part of a hostage exchange agreement has further exacerbated concerns. By providing Iran with access to billions of dollars, the US has effectively empowered a regime that is actively fueling conflicts and destabilizing the region.
It is crucial for the Biden administration to reassess its policies towards Iran in light of recent events. While engagement and diplomacy are essential, it must be accompanied by firm pressure and accountability. The US should not turn a blind eye to Iran’s support for terrorist groups, especially when it directly leads to violence and loss of innocent lives.
The international community must also play a role in holding Iran accountable for its actions. It is imperative for countries to closely monitor Iran’s illicit activities, particularly its oil exports, and take necessary measures to disrupt these networks. Sanctions and other forms of economic pressure should be utilized to prevent Iran from further financing terrorism.
The renewed scrutiny on the Biden administration’s Iran policies serves as a wake-up call. It underscores the need for a comprehensive and balanced approach that prioritizes regional security and stability. The US must not be complacent in the face of Iran’s support for terrorism but should actively work towards curbing its influence and promoting peace in the region.
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