Treasury Secretary to Launch Program for Gulf Allies’ Rebuilding

Treasury Secretary Scott Bessent is set to introduce a new initiative aimed at assisting Gulf allies in recovery efforts following several Iranian attacks, with funding sourced from Iran’s own assets.

A source familiar with Bessent’s plans disclosed, “Treasury will utilize all available methods to unlock Iranian assets to aid the Gulf allies in their rebuilding and mitigation efforts against the damages caused by Iran.”

Bessent has instructed his team to evaluate the situation in the Gulf and prepare a thorough estimate of the costs incurred from the Iranian-inflicted damages since the conflict began.

Furthermore, the Treasury will explore whether Iranian assets could also cover costs related to previous damages.

However, the source didn’t specify a funding amount for the initiative, nor did it mention the $24 billion in frozen Iranian assets, which have been a key topic in U.S.-Iran discussions aimed at resolving the conflict that commenced on February 28.

Since the U.S. implemented a blockade under President Trump, Iran’s capability to earn oil revenue has significantly diminished, particularly as the nation halted trade in the Strait of Hormuz.

This announcement was made on Saturday, just after U.S. Central Command reported that Iran launched seven ballistic missiles towards Kuwait and Bahrain earlier that morning. This followed an attack last week that resulted in destruction at Kuwait’s airport, leading to one fatality and over 60 injuries.

Mohsen Rezaei, a security advisor to Supreme Leader Mojtaba Khamenei, mentioned on CNN that ongoing negotiations have reached a “stalemate,” contingent upon the U.S. unfreezing the $24 billion in Iranian assets.