Treasury Secretary Scott Bessent said Wednesday on CNBC’s “Squawk Box” that the Treasury Department will oversee Iranian funds as they are released under President Donald Trump’s Iran Interim Deal.
“A very large percentage of that will go toward buying food and medicine for the United States,” Bessent said, echoing what the president has said about how the unfrozen funds will be used.
The administration’s commitments are already in conflict with Tehran’s. Iranian officials on Tuesday rejected the idea that the United States or its partners would decide how to spend Iran’s unfrozen assets, saying agricultural purchases would be based on price and quality rather than conditions imposed by the United States.
This disagreement highlights a central question surrounding the agreement. Does the Treasury have direct legal control over the released funds, or does it spell out the conditions the United States wants to enforce through foreign banks, escrow accounts, and sanctions pressure?
Bessent said unfrozen funds would be overseen by the Middle East’s finance ministry, suggesting the administration was trying to put guardrails on Iran’s access to frozen assets, one of the most politically sensitive parts of the deal.
Bessent said the initial funds would likely be released from Qatar, with finance officials in Doha overseeing how the funds are allocated. He said the deal would “recycle” funds into American products.
The comments come as the White House faces pushback from some Republicans who say Trump’s deal gives too much to Iran, including sanctions relief and access to frozen funds in exchange for a temporary negotiating window.
The deal Bessent described would also create potential domestic economic arguments for the deal. If Iran is required or encouraged to use the funds to purchase U.S. products, some of the funds released could flow back to U.S. farmers, food producers, and pharmaceutical companies.
However, the mechanism remains unclear.
Bessent did not say how much money would be released, which entity in Qatar would control the account, where the funds would be kept, what role Iran would play in directing the purchases, or what enforcement measures the Treasury would use to ensure the funds were not diverted.
Administration officials maintain that the interim agreement is intended to halt hostilities and provide a 60-day grace period for a broader agreement. Critics say the White House is offering too much up front, leaving critical security issues unresolved.
Vice President J.D. Vance, who is involved in the negotiations, defended the deal last week, insisting that the United States is not sending taxpayer money to Iran and that Iran would only benefit economically if it complied with the deal.
President Trump said Tuesday and reiterated in social media posts Wednesday morning that the funds released from the Treasury and sanctions relief money would go into a U.S.-controlled escrow account and be used for food and medicine from the U.S., including corn, wheat and soybeans.
Bessent echoed that assertion Wednesday, saying the funds Iran receives will come from frozen Iranian funds and will be used first “for the benefit of the Iranian people.”
