Iran-Israel war LIVE: Iran says won’t reopen Hormuz as long as U.S. blockade remains
Extended Iran, Russian oil waivers after requests from vulnerable countries: Scott Bessent
U.S. Treasury Secretary Scott Bessent said on Wednesday that he extended sanctions relief on Russian and Iranian seaborne oil for 30 days because of requests from countries that are the most vulnerable to oil shortages from the closed Strait of Hormuz.
Mr. Bessent told a U.S. Senate Appropriations subcommittee budget hearing that the requests came from finance leaders of about 10 countries during last week’s International Monetary Fund and World Bank meetings. The action reversed his earlier comments last week that he would not renew expiring sanctions waivers.
Mr. Bessent said estimates that Iran has gained more than $14 billion from the relief are “a myth,” but he did not provide an alternate figure.
He also said that both the United Arab Emirates and the U.S. would benefit from currency swap lines, and other Gulf allies have requested similar facilities.
Mr. Bessent did not name the countries making such requests, but told the Senate Appropriations subcommittee that such facilities would help stabilise financial markets amid turmoil from the West Asia war. President Donald Trump on Tuesday said that a U.S.-UAE swap line was under consideration.
“And swap lines, whether it’s from the Federal Reserve or the Treasury, are to maintain order in the dollar funding markets and to prevent the sale of the U.S. assets in a disorderly way,” Mr. Bessent said, “So, the swap line would both benefit both the UAE and the U.S.”
– Reuters
