US Treasury Chief Rejects Claims Iran Gained Billions from Sanctions Relief

Testifying before a Senate panel, Bessent dismissed assertions that Tehran had received billions in additional revenue during the ongoing conflict.

"The $14 billion is a myth," he said, pushing back against criticism from lawmakers.

The exchange came during questioning by Chris Coons, who argued that easing restrictions on global oil flows risks benefiting US adversaries.

Coons said Iran and Russia could be profiting from higher energy prices and relaxed enforcement, warning that such policies could weaken US leverage.

Bessent disagreed. "I couldn't disagree more," he said when asked whether Iran had received significant additional revenue.

He said Treasury actions were aimed at keeping global oil markets supplied and avoiding sharp price increases that would hurt consumers.

"There is oil to the left... there is oil to the right," Bessent said, referring to supply around key global routes.

He argued that maintaining supply had helped prevent a spike in prices.

The hearing also touched on broader concerns about fuel costs.

Lawmakers said Americans are paying more at the pump as the conflict adds pressure to global markets. They linked higher prices to geopolitical tensions and policy choices.

Bessent said current conditions reflect market volatility rather than long-term shortages. He pointed to supply measures taken by the administration to stabilise prices.

Sanctions on Iran remain a central element of US foreign policy. They are designed to limit revenue from oil exports and constrain the country's economic capacity.

Global oil markets remain sensitive to geopolitical developments, especially in the Middle East. Changes in supply or policy can quickly affect prices worldwide, including in major importing countries such as India.

- IANS