Shafaq News-Washington
Iran couldbegin invoicing its oil sales in US dollars under ongoing negotiations withWashington, US Treasury Secretary Scott Bessent said on Wednesday.
In aninterview with CNBC, Bessent said the move would reinforce the dollar's role inthe global economy, stressing that “dollar dominance is essential…everything weare doing is pushing the dollar.” He attributed the currency's appeal to thedepth and liquidity of US capital markets and predicted that Russia couldreturn to the dollar system after the end of the war in Ukraine.
Bessent alsopointed to Venezuela, saying it “is going to be invoicing in dollars” afteryears of sanctions prevented transactions in the US currency and forceddiscounted oil sales to China. “The dollar is going to be the centerpiece oftheir trade,” he said.
His remarkscame days after the first round of US-Iran talks concluded in the Swiss resortof Bürgenstock, where US Vice President JD Vance led the American delegationand Parliament Speaker Mohammad Bagher Ghalibaf headed Iran's team, with Qatarand Pakistan serving as mediators. Vance described the meeting as “a very, verygood day,” while Foreign Minister Abbas Araghchi welcomed the outcome, citingwaivers on Iranian oil and petrochemical exports and the release of some frozenassets abroad.
On Monday,the US Treasury issued a 60-day exemption allowing Iran to produce and sellcrude oil, petrochemical, and petroleum products in dollars through Aug. 21,while previously sanctioned vessels and entities were cleared for relatedtransactions.
Bessent alsosaid the Treasury Department would oversee the release of Iranian funds underPresident Donald Trump's “interim agreement,” with the initial tranche expectedto be released from Qatar. Reiterating Trump's position, he said a large shareof the money would be used to purchase food and medicine, effectivelychanneling part of the funds back into US products.
Iranianofficials, however, rejected suggestions that Washington or its partners woulddictate how the assets are spent, maintaining that any agricultural purchaseswould depend on price and quality rather than US-imposed conditions.
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