Treasury Secretary Scott Bessent and Sen. Chris Coons, D-Del., weighed in on trade during a Senate Appropriations Committee hearing on whether the release of Treasury sanctions benefits Russia and Iran. (Credit: Senate Appropriations Subcommittee)
Treasury Secretary Scott Bessent backed down Wednesday after Sen. Chris Coons, D-Del., proposed that Iran ease temporary sanctions and give the country $14 billion during the war.
During a heated debate in the Senate Appropriations Committee subcommittee on the 2027 budget, Coons charged Bessent with the charge, noting that “estimates are” Iran has gained $14 billion since the US granted the Islamic Republic a temporary oil freeze in March.
Citing previous criticism of President Donald Trump President Barack Obama about giving Iran $1.7 billion, Coons said, “I don't know how you explained 14 billion, but you don't have to read 'The Art of War' to know that helping your enemies make money while at war is a bad idea, and it's amazing to me that the country is currently benefiting from impunity.”
Besent he dismissed the character's portrayal as “mythical” and “a talking point for the DNC.”
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Treasury Secretary Scott Bessent testifies during the House Financial Services Committee's “Financial Stability Oversight Council Annual Report,” in the Rayburn building on Feb. 4, 2026 (Tom Williams/CQ-Roll Call, Inc via Getty Images/Getty Images)
“If anyone would like to show me where that 14 billion comes from,” added Bessent.
“I look forward to exchanging information on that. Mr. Secretary,” Coons replied.
“It can change it in a public forum,” Bessent continued.
Coons then asked Bessent bluntly, “Don't you agree that Iran has received more revenue from its oil exports because of the sanctions relief?”
“I couldn't resist,” Bessent replied.
“OK. But don't you agree that Russia got more and more money in aid of the sanctions?” Coons asked.
Sen. Chris Coons, D-Del., rides a Senate train on his way to a vote at the Capitol May 4, 2023. (Bill Clark/CQ-Roll Call, Inc via Getty Images/Getty Images)
Again, Bessent replied, “I couldn't argue more.”
Bessent went on to explain why the Treasury chose to provide temporary relief exemption from penalties in Iran and Russia.
“As you are concerned about fuel prices for the American consumer and our Asian partners, like us,” Bessent said.
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“The Ministry of Finance was able to create more than 250 million barrels of water. And the way to think about this is as they come today, oil prices are up to $100. If we didn't do those sanctions, they would have reached $150 because the world is very well supplied.
“So, if Russia was selling its oil at a 20% discount, I can tell you that 100% of 100 is less than 80% of 150. And the American consumer is better off.”
US Treasury Secretary Scott Bessent and US President Donald Trump look on during the White House Digital Assets Summit in the State Dining Room at the White House on March 7, 2025, in Washington, DC. (Photos by Anna Moneymaker/Getty Images)
The Treasury issued relief to Iran with a 30-day temporary oil freeze in March, then extended another 30 days on Wednesday.
Bessent, also pushed by Coons, added that many US partners in the Gulf and Asia have requested foreign exchange lines.
“Change the lines, whether it comes from the Federal Reserve or the Treasury, is to maintain order and support markets for the dollar and to prevent the sale of US goods in an orderly manner. Therefore, the change of line will benefit the UAE both. [United Arab Emirates] and the US And, as I said, many other countries, including our Asian partners, have also requested,” he said.
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Fox News Digital reached out to the Treasury Department and Coons' office for comment but did not immediately receive a response.
