Bessent Says US Treasury Would Oversee Unfrozen Iranian Assets, Oil to Be Invoiced in Dollars
Summary
- US Treasury Secretary Scott Bessent said the Treasury Department would directly manage any Iranian assets released from a freeze.
- The US has temporarily waived sanctions on Iranian crude exports, and Bessent said Iran would invoice oil payments in dollars.
- Iran had previously settled oil payments in yuan and Bitcoin (BTC), but Bessent said dollar strength would persist.
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US Treasury Secretary Scott Bessent said the Treasury Department would directly oversee any Iranian assets released under a nuclear agreement.
In an interview with CNBC on June 24, Bessent said Iranian funds unfrozen under a nuclear deal would be managed by the Treasury. A large share of the money would be used to purchase US food and medicine, he said. Initial disbursements would be overseen from Qatar.
Bessent also addressed Iran's oil trade. The US recently granted a temporary waiver of sanctions on Iranian crude exports under a memorandum of understanding tied to ending the conflict with Iran. Iran appears set to issue oil invoices in dollars, he said, calling that an important element in reestablishing dollar dominance.
Iran has so far conducted oil transactions in Chinese yuan and Bitcoin, according to Bessent. The US preference is to do what is necessary to keep the dollar strong, he said. With the US economy distinguishing itself from other major economies, dollar strength is likely to persist, he added.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
