Biden’s $10 Billion Gift to Iran

Hi Global Recap readers,

Did you remember to mark today in your calendars? As we speak, Xi Jinping and Biden are enjoying a post-lunch stroll. How nice.

Besides that: we have more on Putin’s tightening grip on media leading up to the election, the Israel-Hamas conflict, and Iran’s $10 billion payday.

🌐 Around the world:

• Houthis threaten an all-out war on Israel.

• Biden Meets Xi.

• Putin tightens media control.

• Saudi saves Israel

• Biden’s $10 Billion Gift to Iran.

Let’s get into today’s news.

🚀 Yemeni Rebels Threaten War

An Iran-backed Yemeni militia says it has “hundreds of thousands” of fighters ready to attack Israel by land and sea while launching missiles and drones at Israel from 1,000 miles away. Israel says it has intercepted most of the attacks.

Who are they? Ansar Allah or primarily referred to as Houthis.

But how can they attack Israel when they are so far away? Well, it’s calling on nations between Yemen and Israel to make way for its fighters to pass through.

Here’s a map of the region:

Yeah, not gonna happen. Saudis aren’t exactly on good terms with the Houthis.

Click for more

👀 Biden Meets Xi

Biden and Xi finally met in California to try to stabilize the US-China relationship after a year of tension.

Topics for discussion:

• Taiwan,

• trade,

• human rights,

• AI,

• climate change, and

• fentanyl.

Here are them at the meeting:

Sorry for the potato quality, it’s the best I could find.

President Biden is expected to hold a conference in a few minutes, but it’s almost time to publish this newsletter. So… I will cover more in tomorrow’s newsletter. 😉

In the meantime click below to get live updates of the event. It even details what they ate for lunch!

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🇷🇺 Putin Tightens Media Control

Putin has signed new amendments to the law on presidential elections, limiting media access and coverage.

The amendments ban freelance and independent journalists - allowing only registered journalists employed by select media outlets to report on election commission meetings.

The changes come as Putin is eyeing another six-year term after ruling Russia for 20+ years.

Click for more

👏 Saudi Saves Israel

A group of Arab and Muslim countries tried to punish Israel for its war with Hamas in Gaza, but Saudi Arabia and its allies blocked their plan.

The plan included cutting off oil sales, stopping military aid, and banning Israeli flights over the Gulf.

Click for more

🎬 YouTube Success

✅ By now, you know what this is. If you want to learn the ins and outs of being a YouTube creator, sign up now and the 5-day course with all the answers is yours to keep - for FREE.

Join our community of creators, who are starting out like you.

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United States

Biden’s $10 Billion Gift to Iran

🤑 Iran’s Big Payday. On Tuesday, US Secretary of State Antony Blinken signed and extended a sanctions waiver that allows Iraq to buy electricity from Iran without facing sanctions.

🇮🇷 Iran Gets a Cut. The waiver also lets Iran access some of the money Iraq owes for the electricity. This will give Iran access to roughly $10 billion.

💵 Follow the Money. The waiver involves a complex mechanism to ensure that Iran does not use the money for nefarious purposes. The money is held in escrow accounts in Iraq and Oman and is subject to a rigorous vetting process so that it is only used to buy humanitarian goods.

😨 The Problem. But as was the case when the US unfroze $6 billion for Iran as part of a prisoner swap deal, money is fungible.

Meaning: Even if the money Iran receives is earmarked for humanitarian goods, it could free up other funds in Iran’s budget to be used for other purposes.

When President Biden unfroze $6 billion, Iranian President Raisi said Tehran would use the money "wherever we need it.”

🚀 Why It Matters. This isn’t great considering Iran-funded militias in the Middle East are threatening Israel from every side. Iran-backed Hamas killed 1,200 people (revised number) in Israel on Oct. 7, and Iranian militias have attacked US forces in Iraq and Syria at least 55 times since Oct. 17.

🤝 Blinken’s Visit. The waiver comes after Secretary of State Antony Blinken visited Baghdad on Nov. 5 and met with Iraqi Prime Minister Mohammed Shia al-Sudani. Blinken discussed the US-Iraq strategic partnership and the challenges posed by Iranian-backed militias.

🤷‍♂️ What Next. The waiver is valid for 120 days, after which it will be reviewed again. The US hopes that Iraq will eventually reduce its dependence on Iranian electricity and diversify its energy sources. Is this likely, considering Iraq is allies with Iran?