Shafaq News- Washington
Iran could begin invoicing its oil sales in US dollars under ongoing negotiations with Washington, US Treasury Secretary Scott Bessent said on Wednesday.
In an interview with CNBC, Bessent explained that the move would reinforce the dollar's role in the global economy, stressing that “dollar dominance is essential…everything we are doing is pushing the dollar.” He attributed the currency's appeal to the depth and liquidity of US capital markets and predicted that Russia could return to the dollar system after the end of the war in Ukraine.
Bessent also pointed to Venezuela, saying it “is going to be invoicing in dollars” after years of sanctions prevented transactions in the US currency and forced discounted oil sales to China. “The dollar is going to be the centerpiece of their trade,” he said.
His remarks came days after the first round of US-Iran talks concluded in the Swiss resort of Bürgenstock, where US Vice President JD Vance led the American delegation and Parliament Speaker Mohammad Bagher Ghalibaf headed Iran's team, with Qatar and Pakistan serving as mediators. Vance described the meeting as “a very, very good day,” while Foreign Minister Abbas Araghchi welcomed the outcome, citing waivers on Iranian oil and petrochemical exports and the release of some frozen assets abroad.
On Monday, the US Treasury issued a 60-day exemption allowing Iran to produce and sell crude oil, petrochemical, and petroleum products in dollars through Aug. 21, while previously sanctioned vessels and entities were cleared for related transactions.
Bessent also noted that the Treasury Department would oversee the release of Iranian funds under President Donald Trump's “interim agreement,” with the initial tranche expected to be released from Qatar. Reiterating Trump's position, he said a large share of the money would be used to purchase food and medicine, effectively channeling part of the funds back into US products.
Iranian officials, however, rejected suggestions that Washington or its partners would dictate how the assets are spent, maintaining that any agricultural purchases would depend on price and quality rather than US-imposed conditions.