The U.S. Treasury Department plans to use Iranian assets to help Gulf allies recover from damage caused by Iran, according to a source familiar with Treasury Secretary Scott Bessent's thinking. The United States will make Iranian assets available to Gulf allies to support rebuilding and repairs for damage caused by Iran, a source familiar with the matter stated on Saturday.
Treasury Secretary Scott Bessent has directed a team to assess costs for damage already inflicted on Gulf allies by Iran, the source told CBS News. The U.S. will consider using Iranian assets to address reconstruction needs of regional allies affected by Iranian actions.
The disclosure came a day after an adviser to Iran's supreme leader said that a peace deal hinged on the release of $24 billion in Iranian assets frozen by the United States. The adviser's statement connects the frozen assets to ongoing diplomatic discussions in the region.
The revelation came a day after a wave of attacks by Iran against Kuwait and Bahrain, according to the Straits Times. These attacks have contributed to damage that the Treasury Department now seeks to address through the use of frozen Iranian assets.
The source familiar with Bessent's thinking indicated that the Treasury Department's approach involves both addressing damage already caused by Iran and preparing for potential future damage. The assessment team directed by Bessent will calculate costs associated with Iranian actions against Gulf allies.
Iran's regime has been identified by sources as responsible for damage to U.S. Gulf allies. The $24 billion in frozen Iranian assets represents a significant portion of funds that the United States has held. The specific process for transferring or allocating the frozen assets has not been detailed in the reported statements.
Gulf allies affected by Iranian actions include Kuwait and Bahrain, according to reports of recent attacks. The assessment team led by Bessent will determine the extent of damage and associated costs for these nations. The Treasury Department's planning remains ongoing, with the assessment of damage costs and consideration of Iranian assets for reconstruction under development.
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