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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

  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.
  3. ^ 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.
  4. ^ "A cash crunch is crippling Afghanistan". The Economist. 2022-02-19. ISSN 0013-0613. Retrieved 2022-02-18.
  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.
  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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