The Iran Project - According to a US media report, President Biden's administration has issued a blanket waiver for international banks to transfer $6 billion in frozen Iranian assets from South Korea to Qatar with no concern about Washington's sanctions.

The report�released early Tuesday also stated that the US has agreed to release five Iranian citizens held in the United States.

Secretary of State Antony Blinken signed off on the sanctions waivers, easing concerns for European, Middle Eastern, and Asian banks about potential violations of US sanctions.

The move took place a month after US and Iranian officials said an agreement in principle was in place on the�issue.

Due to numerous US sanctions, several European countries were not willing to take part in the transfer. Blinken�s waiver is aimed at easing their concerns about any risk of US sanctions, and applies to banks and other financial institutions in South Korea, Germany, Ireland, Qatar and Switzerland.

However, Iranian officials have repeatedly emphasized that the release of frozen assets is not connected to a prisoner exchange agreement with the US.

Iran's Foreign Minister has said �that the exchange of prisoners is a humanitarian issue separate from the unblocking of funds.

The process to transfer released Iranian assets from South Korean banks to a European bank has already begun and will be completed in phases.