The US will not provide sanctions relief to Iran in exchange for the release of four Americans who were transferred from Tehran's Evin prison to house arrest, Secretary of State Antony Blinken has said.
“In any event, in any respect, Iran will not be receiving any sanctions relief,” Mr Blinken said after the Americans were released from prison on Thursday.
He said their transfer to house arrest was “just the beginning of a process that I hope and expect will lead to their return home to the United States”.
National Security Council spokesman John Kirby told reporters the same on Friday.
“This is an ongoing negotiation,” he said.
“The deal's not done … those Americans aren't home yet.”
Iranian state media reported that the prisoners would be released in exchange for $6 billion belonging to Iran which was currently frozen in South Korea, as well as additional funds held in Iraq's Trade Bank.
The White House said that it would not release any details until the deal is done.
“In any instance where we would engage in such efforts to bring Americans home from Iran, Iran’s own funds would be used and transferred to restricted accounts such that the monies can only be used for humanitarian purposes, which, as you know, is permitted under our sanctions,” Mr Blinken said on Thursday.
“There’s an exemption for humanitarian that’s there from the start.”
Businessmen Siamak Namazi, 51, and Emad Shargi, 58, were released, as well as environmentalist Morad Tahbaz, 67, who also has British citizenship. The fourth American citizen's identity has not been made public.
Mr Blinken said he had spoken to them after their release.
“I think they're, needless to say, very happy to be out of prison.”
Release of funds
Iranian state news agency Irna said the $6 billion in South Korea “has been changed into euro [from South Korean won) in a bank in Switzerland and is ready to be transferred to an account in Qatar's central bank”.
The funds were frozen in September 2019 after the Trump administration pulled sanctions waivers on countries importing Iranian oil.
“Our government has been closely consulting with involved countries such as the United States and Iran to resolve the frozen fund issue and hopes that the issue will be resolved amicably,” South Korea's Foreign Ministry said in a statement on Friday.
Iran's Deputy Chief of Staff for Political Affairs, Mohammad Jamshidi, suggested Iranians detained in the US would be freed as part of the exchange for the detained Americans.
“Hopefully, Iranians held hostage by the US will be freed,” Mr Jamshidi wrote on social media platform X, formerly known as Twitter.
“US prisoners in Iran will leave simultaneously with the irreversible release of our illegally held citizens and the full transfer of illegally held assets in South Korea, similar to the recently freed assets in Iraq,” he wrote.
Prisoners in Iran
Siamak Namazi, a businessman in his early 50s with dual US-Iranian citizenship, was detained in 2015 by the Revolutionary Guards while visiting his family in Tehran. Months later his ailing father, Baquer, was detained after returning to Iran to visit his jailed son. They were both sentenced in 2016 to 10 years in prison for spying and co-operating with the US government.
A former Iranian provincial governor and former Unicef official who also has dual citizenship, Baquer Namazi was put under house arrest in 2018 on medical grounds and left Iran in 2022 for medical treatment.
Emad Sharghi: In 2017 Mr Sharghi and his wife moved to Iran from the US. The Iranian-American businessman was first arrested in 2018 when working for “Saravan Holding” tech investment company. He was released on bail after eight months and a Revolutionary Court cleared him of spying and security-related charges, but his travel ban remained.
On November 2020 he was summoned by another Revolutionary Court which sentenced him to 10 years in jail for espionage. He was not initially imprisoned but Iranian media reported he was arrested as he tried to flee Iran in January 2021.
Morad Tahbaz: An Iranian-American environmentalist, who also holds British citizenship, Mr Tahbaz was arrested in 2018. He was sentenced to 10 years in prison in 2019 for “assembly and collusion against Iran's national security” and “contacts with US enemy government … for the purpose of spying”.
The fourth and fifth prisoners were not identified.
Iranian prisoners in US
Under the deal, five Iranians jailed in the US will be released. For years, Iran has demanded the release of its nationals held in the US, including seven Iranian-American dual nationals, two Iranians with permanent US residency and four Iranian citizens with no legal status in the US.
Most of them have been sentenced to jail for “violating US sanctions against Iran”.
AUSTRALIA SQUAD
Steve Smith (capt), David Warner, Cameron Bancroft, Jackson Bird, Pat Cummins, Peter Handscomb, Josh Hazlewood, Usman Khawaja, Nathan Lyon, Shaun Marsh, Tim Paine, Chadd Sayers, Mitchell Starc.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
RESULTS
6.30pm Handicap (TB) $68,000 (Dirt) 1,200m
Winner Canvassed, Par Dobbs (jockey), Doug Watson (trainer)
7.05pm Meydan Cup – Listed Handicap (TB) $88,000 (Turf) 2,810m
Winner Dubai Future, Frankie Dettori, Saeed bin Suroor
7.40pm UAE 2000 Guineas – Group 3 (TB) $125,000 (D) 1,600m
Winner Mouheeb, Ryan Curatolo, Nicholas Bachalard
8.15pm Firebreak Stakes – Group 3 (TB) $130,000 (D) 1,600m
Winner Secret Ambition, Tadhg O’Shea, Satish Seemar
9.50pm Meydan Classic – Conditions (TB) $$50,000 (T) 1,400m
Winner Topper Bill, Richard Mullen, Satish Seemar
9.25pm Dubai Sprint – Listed Handicap (TB) $88,000 (T) 1,200m
Winner Man Of Promise, William Buick, Charlie Appleby
Q&A with Dash Berlin
Welcome back. What was it like to return to RAK and to play for fans out here again?
It’s an amazing feeling to be back in the passionate UAE again. Seeing the fans having a great time that is what it’s all about.
You're currently touring the globe as part of your Legends of the Feels Tour. How important is it to you to include the Middle East in the schedule?
The tour is doing really well and is extensive and intensive at the same time travelling all over the globe. My Middle Eastern fans are very dear to me, it’s good to be back.
You mix tracks that people know and love, but you also have a visually impressive set too (graphics etc). Is that the secret recipe to Dash Berlin's live gigs?
People enjoying the combination of the music and visuals are the key factor in the success of the Legends Of The Feel tour 2018.
Have you had some time to explore Ras al Khaimah too? If so, what have you been up to?
Coming fresh out of Las Vegas where I continue my 7th annual year DJ residency at Marquee, I decided it was a perfect moment to catch some sun rays and enjoy the warm hospitality of Bab Al Bahr.
What is the definition of an SME?
SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.
A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE
%3Cp%3ECompany%20name%3A%20Znap%3C%2Fp%3E%0A%3Cp%3EStarted%3A%202017%3C%2Fp%3E%0A%3Cp%3EFounder%3A%20Uday%20Rathod%3C%2Fp%3E%0A%3Cp%3EBased%3A%20Dubai%2C%20UAE%3C%2Fp%3E%0A%3Cp%3EIndustry%3A%20FinTech%3C%2Fp%3E%0A%3Cp%3EFunding%20size%3A%20%241m%2B%3C%2Fp%3E%0A%3Cp%3EInvestors%3A%20Family%2C%20friends%3C%2Fp%3E%0A
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Clinicy%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Prince%20Mohammed%20Bin%20Abdulrahman%2C%20Abdullah%20bin%20Sulaiman%20Alobaid%20and%20Saud%20bin%20Sulaiman%20Alobaid%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Riyadh%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2025%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20HealthTech%3Cbr%3E%3Cstrong%3ETotal%20funding%20raised%3A%3C%2Fstrong%3E%20More%20than%20%2410%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Middle%20East%20Venture%20Partners%2C%20Gate%20Capital%2C%20Kafou%20Group%20and%20Fadeed%20Investment%3C%2Fp%3E%0A
