US Splits Up $7 Billion in Frozen Afghan Funds

U.S. Splits Up $7 Billion in Frozen Afghan Funds

( – President Joe Biden thoroughly botched last year’s Afghanistan withdrawal, leaving the country in dire straits. However, his recent decision to split up roughly $7 billion in frozen Afghan funds appears to be a move in the right direction.

On Friday, February 11, Biden signed an executive order regarding the roughly $7 billion from the Central Bank of Afghanistan (DAB) held in US Banks. Under the order, all US financial institutions holding Afghan funds would transfer them to a consolidated account held by the Federal Reserve Bank of New York.

Additionally, the president issued a state of emergency regarding the “widespread humanitarian crisis in Afghanistan.” The order recognized the need for the seized funds to address the crisis and various legal claims filed in the US by victims of terrorism.

The White House followed up later that day by publishing a fact sheet providing additional details about the potential distribution of the seized Afghan funds. According to the document, Biden administration officials planned to use half those funds, $3.5 billion, to benefit the immediate and future needs of the Afghan people.

The remaining $3.5 billion would remain in the US. Subject to judicial approval on a case-by-case basis, the courts would distribute the money to the relatives of victims of terrorism, including the individuals who died in the September 11, 2001 attacks.

Do you think Biden’s move can make up for his failure to protect Afghan civilians and US allies he left behind in that war-torn country?

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