US House of Representatives Passes Bill to Refreeze $6 Bln in Iranian Funds Freed by Biden

House lawmakers passed the bill, dubbed the No Funds For Iranian Terrorism Act, in a vote of 307-119 on Thursday.

The legislation imposes sanctions on any financial institution that engages in transactions with the Qatari banks holding the Iranian funds, effectively freezing the money, according to a House Republican statement on the bill.

The United States and Qatar agreed to block Iran from accessing the funds following Hamas’ October 7 surprise attack on Israel. The Biden administration has also stressed that that funds could only be used for humanitarian purposes.

However, the money is fungible and could be used to fund the activities of groups like Hamas and Hezbollah, the House Republican statement said.