Afghan frozen assets

Afghan frozen assets are assets that were frozen in the United States and around the world following the 2021 Fall of Kabul and the subsequent collapse of the Islamic Republic of Afghanistan against the Taliban. The Afghan frozen assets are the second-largest amount of financial money from a country that was seized by the US since the Iranian frozen assets from 1980.^[1]^[2]

Background

Prior to the 2021 takeover of Afghanistan by the Taliban, Da Afghanistan Bank had approximately $7 billion of reserves on deposit at the Federal Reserve Bank of New York,^[3] in addition to $2 billion in Europe.^[4]

History

After the fall of Kabul in August 2021, the Biden administration froze the funds in New York, because it was unclear who had the legal authority to access the account.^[3]

On 11 February 2022, President Joe Biden announced that he intended to move $3.5 billion from the account to a trust fund to support humanitarian assistance in Afghanistan, and reserve $3.5 billion for potential legal claims by families of the victims of the September 11 attacks.^[5] On 26 August 2022, a judge recommended to not award damages as the bank is "immune from jurisdiction" and that doing so would "acknowledge" the Taliban as the legitimate Afghan government.^[6]

Aftermath

The assets freeze led to economic collapse, high unemployment, and widespread hunger.^[7] According to Save the Children, 50% population faces extreme hunger.^[8]

References

^ "The US froze Iran's assets for decades, and it could foretell what may happen to the Afghan central bank's nearly $10 billion the Taliban is trying to get its hands on". Business Insider.
^ Nichols, Michelle (9 September 2021). "U.N. Warns Afghanistan needs money to prevent total breakdown". Reuters.
^ ^a ^b Goldbaum, Christina; Padshah, Safiullah; Shah, Taimoor (2022-02-13). "Biden's Decision on Frozen Funds Stokes Anger Among Afghans". The New York Times. ISSN 0362-4331. Retrieved 2022-02-18.
^ "A cash crunch is crippling Afghanistan". The Economist. 2022-02-19. ISSN 0013-0613. Retrieved 2022-02-18.
^ Savage, Charlie (2022-02-11). "Spurning Demand by the Taliban, Biden Moves to Split $7 Billion in Frozen Afghan Funds". The New York Times. ISSN 0362-4331. Retrieved 2022-02-18.
^ Stempel, Jonathan (26 August 2022). "Sept. 11 victims not entitled to seize Afghan central bank assets -U.S. judge". Reuters. Retrieved 28 August 2022.
^ Limaye, Yogita (24 November 2022). "Afghanistan: 'I drug my hungry children to help them sleep'". BBC.
^ "Child malnutrition cases rise nearly 50% in Afghanistan as hunger hits record levels". Save the Children. 31 October 2022.

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[1] "The US froze Iran's assets for decades, and it could foretell what may happen to the Afghan central bank's nearly $10 billion the Taliban is trying to get its hands on". Business Insider.

[2] Nichols, Michelle (9 September 2021). "U.N. Warns Afghanistan needs money to prevent total breakdown". Reuters.

[NYT2-3] Goldbaum, Christina; Padshah, Safiullah; Shah, Taimoor (2022-02-13). "Biden's Decision on Frozen Funds Stokes Anger Among Afghans". The New York Times. ISSN 0362-4331. Retrieved 2022-02-18.

[4] "A cash crunch is crippling Afghanistan". The Economist. 2022-02-19. ISSN 0013-0613. Retrieved 2022-02-18.

[NYT1-5] Savage, Charlie (2022-02-11). "Spurning Demand by the Taliban, Biden Moves to Split $7 Billion in Frozen Afghan Funds". The New York Times. ISSN 0362-4331. Retrieved 2022-02-18.

[ReutersSeize-6] Stempel, Jonathan (26 August 2022). "Sept. 11 victims not entitled to seize Afghan central bank assets -U.S. judge". Reuters. Retrieved 28 August 2022.

[7] Limaye, Yogita (24 November 2022). "Afghanistan: 'I drug my hungry children to help them sleep'". BBC.

[8] "Child malnutrition cases rise nearly 50% in Afghanistan as hunger hits record levels". Save the Children. 31 October 2022.

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v t e Afghanistan–United States relations
Diplomatic posts	Embassy of Afghanistan, Washington, D.C. Ambassadors of Afghanistan to the United States Embassy of the United States, Kabul Ambassadors of the United States to Afghanistan Special Inspector General for Afghanistan Reconstruction Permanent Mission of Afghanistan to the United Nations Bureau of South and Central Asian Affairs
Diplomacy	Operation Cyclone Operation MIAS U.S.–Afghanistan Strategic Partnership Agreement U.S.–Taliban deal Six plus Three Six plus Two Group on Afghanistan Major non-NATO ally
War in Afghanistan	History Timeline Opposition 2011–2016 withdrawal 2020–2021 withdrawal Fall of Kabul (2021) CIA activities Task Force Phoenix Peace process Reconstruction Afghan frozen assets
Incidents	Adolph Dubs Operation Infinite Reach Camp Chapman attack 2011 U.S. embassy attack Video of U.S. Marines urinating on Taliban fighters Quran burning protests Kandahar massacre Insurgents' bodies 2013 U.S. Herat consulate attack Killing of Ayman al-Zawahiri Deportation of Afghan immigrants Afghan Guantanamo Bay detainees Taliban Five
Legislation	Access for Afghan Women Act ALLIES Act Iran Freedom and Counter-Proliferation Act
Related	Anti-American sentiment in Afghanistan Afghanistanism Bost Airport Kabul International Airport Herat International Airport Kandahar International Airport Kunduz Airport Mazar-i-Sharif International Airport Charlie Wilson's War: The Extraordinary Story of the Largest Covert Operation in History Overthrow Retrograde
Category:Afghanistan–United States relations