Iran made $80 billion in oil profits since 2021 thanks to Biden’s help
October 7, 2023, will be remembered as the saddest day for the Jewish community since World War II. On that fateful day, the terrorist group Hamas launched a shocking and massive offensive, firing thousands of rockets at Israeli cities and killing hundreds of innocent lives, including Israelis, Americans, and others, especially in towns near the Gaza border.
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The support that made this atrocity possible came from the Islamic Republic of Iran. President Joe Biden is considering a more than $6 billion financial deal with the ayatollahs. In response, Senate Minority Leader Mitch McConnell and I will introduce legislation aimed at permanently blocking this payment.
Iran is a long-time supporter and financier of Hamas. Their financial support helps the Hamas political organization in the Gaza Strip and the production of rockets fired into Israeli cities. Furthermore, Iran has played a role in instructing Hamas on how to build and operate the armed drones it now uses to target Israeli civilians. Moreover, Iran has trained many of the Hamas militants responsible for the atrocities against Israel.
Notably, Iran played a direct role in orchestrating the devastating October 7 attacks. The Wall Street Journal reported that Iran’s Islamic Revolutionary Guard Corps (IRGC) had been engaged in planning these attacks since August, which coincided with President Biden’s announcement of a proposed $6 billion deal with Iran. Iran’s foreign minister attended at least two meetings with both Hamas and the IRGC to strategize these attacks.
Iran provided not only financial support but also weapons, training, and a detailed plan to carry out a mass casualty incident against one of America’s closest allies. Tragically, after Hamas carried out these acts of violence against Israel, claiming the lives of 27 Americans in the process, Iran’s Supreme Leader Ayatollah Ali Khamenei praised the attacks, expressing his hope that the Palestinian people and resistance forces in the region would eradicate what he called. “The exploitative Zionist regime.”
President Biden’s national security adviser, Jake Sullivan, also acknowledged Iran’s “extensive complicity” in the disastrous events of October 7.
Recently, another Iran-backed terrorist group, Hezbollah, launched its own attacks on Israel by launching rockets and drones from Lebanon. Like Hamas, Hezbollah owes much of its existence to Iranian support.
Despite Iran funding terrorists, President Joe Biden’s administration has taken steps to effectively support Iran financially. Since taking office, Biden has facilitated the release of at least $10 billion in Iranian assets. Furthermore, his administration’s indifference to enforcing sanctions has allowed Iran to reap a projected $80 billion in oil profits from 2021.
It is no coincidence that Iran has doubled its funding for the Islamic Revolutionary Guard Corps (IRGC), the military branch that played a role in planning the October 7 attack, allocating $22 billion last year. It doesn’t take extraordinary insight to conclude that Iran has used some of the $90 billion windfall, sometimes referred to as the “Biden dividend,” to strengthen the terrorist wing of its military.
Adding to the concern, Iran is likely to receive an additional $6 billion in cash. The $6 billion payment was part of the controversial hostage deal that President Biden struck with the Iranians, giving the ayatollahs a dollar amount equivalent to more than half of F-35 fighter jets for every hostage released.
The administration tries to reassure its critics by saying the $6 billion can only be used for humanitarian purposes, which the Iranian government disputes. Iranian President Ibrahim Raisi publicly announced that his government would allocate $6 billion “wherever we need it.”
Ricey went so far as to redefine the term “humanitarianism” in an interview with Lester Holt, saying, “Humanitarianism is whatever the Iranian people need, so this money is budgeted for those needs and the Iranian people’s needs are decided. And the Iranian government decides.”
Even if we accept the administration’s position on a controversy, there is an important concern that money is fungible. This means that if Iran directs $6 billion less toward civilian projects, it will effectively free up $6 billion that could be directed toward its military. The potential danger in this situation is great.
In response to public pressure, the Biden administration announced yesterday that it was postponing the release of $6 billion. However, they are not committed to freezing these funds permanently. This uncertainty has prompted Senator McConnell and me to introduce a bill aimed at preventing President Biden from making this $6 billion payment to Iran in the future.
I will also work with my fellow senators to end the so-called “Biden dividend” for Iran. It is a return to a policy of strengthening existing sanctions and imposing maximum economic pressure on the Iranian government.
It is important to recognize that there is no such thing as purely financial or humanitarian aid to a state involved in terrorism. U.S. Any payment from the government to Iran is effectively public financing of terrorism. Therefore, the United States government should refrain from providing any financial aid to Iran.