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Treasury Secretary Scott Bessent pushed back Wednesday after Sen. Chris Coons, D-Del., suggested temporary sanctions relief for Iran has granted the country $14 billion during the war.
During a fiery exchange at Wednesday’s Senate Appropriations Committee subcommittee hearing on the 2027 fiscal budget, Coons levied the charge at Bessent, noting that “estimates are” that Iran has gained $14 billion since the U.S. granted the Islamic Republic temporary oil waivers in March.
Citing President Donald Trump’s previous criticisms of former President Barack Obama for giving $1.7 billion to Iran, Coons said, “I don’t know how you described 14 billion, but you don’t have to read ‘The Art of War’ to know that helping your adversaries gain money while you’re at war is a terrible idea, and it’s shocking to me that the country’s currently profiting from the release of sanctions.”
Bessent disputed the characterization as a “myth” and “a DNC talking point.”
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“If anyone would like to show me where that 14 billion comes from,” Bessent added.
“I look forward to an exchange of details on that. Mr. Secretary,” Coons shot back.
“Can exchange it in a very public forum,” Bessent continued.
Coons then asked Bessent point-blank, “Do you disagree that Iran has received significant additional revenue from their sales of oil because of sanctions relief?”
“Couldn’t disagree more,” Bessent replied.
“OK. But do you disagree that Russia has received significant additional revenue from the sanctions relief?” Coons asked.
Again, Bessent responded, “I couldn’t disagree more.”
Bessent proceeded to explain why the Treasury Department elected to provide temporary sanctions relief to Iran and Russia.
“Just as you are concerned about gasoline prices for the American consumer and for our Asian allies, as are we,” Bessent said.
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“Treasury was able to create more than 250 million barrels on the water. And the way to think about this is as they came in today, the oil prices are at $100. If we had not done that sanctions relief, they might have been at $150 because the world became very well supplied.
“So, if Russia was selling their oil at a 20% discount, I can tell you that 100% of 100 is less than 80% of 150. And the American consumer has been better off.”
Treasury issued the relief to Iran through temporary 30-day oil waivers in March, then extended them another 30 days on Wednesday.
Bessent, again pushed by Coons, added that many U.S. allies in the Gulf and in Asia have requested foreign exchange swap lines.
“Swap lines, whether it’s from the Federal Reserve or the Treasury, are to maintain order and the dollar funding markets and to prevent the sale of U.S. assets in a disorderly way. So, the swap line would both benefit the UAE [United Arab Emirates] and the U.S. And, as I said, numerous other countries, including some of our Asian allies, have also requested them,” he said.
Fox News Digital contacted the Treasury Department and Coons’ office for further comment but did not immediately receive a response.
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