Frozen back accounts, assets and more: How US plans to help Gulf allies recover from Iran war | World

The United States (US) is considering using the seized Iranian assets to help its Gulf allies to recover from the losses they suffered to the ongoing war with Iran. For this, the Treasury Department of the US will utilise all available authorities to access the Iranian assets for repair and rebuilding efforts.

According to a report by CBS News, Treasury Secretary Scott Bessent has directed officials to seek a detailed report from Washington’s Gulf partners about the damages they have suffered to the conflict in the Middle East. However, there is no clarity on whether the Treasury Department is planning to use hard assets like oil tankers for repair works or Iran’s frozen back accounts.

Citing sources, the CBS News said the Treasury Department is analysing how it could use the Iranian assets to finance the repair and rebuilding works. The US could also use assets frozen by other countries for this purpose.

The development follows a fresh wave of attacks by the Iranian military on Bahrain and Kuwait. According to the US Central Command (CENTCOM), the Iranians fired seven ballistic missiles toward Bahrain and Kuwait on Saturday, which were intercepted and neutralised successfully, leaving none injured.

In response, the US targeted Iran’s bases on Qeshm Island and other areas in the Strait of Hormuz, which were described as a “violation” of the ceasefire by Tehran. But the US asserted that it has the right “to defend against further attacks”.

But despite all these reciprocal strikes, the US and Iran have continued the peace talks and President Donald Trump is hopeful of a solution soon; although the two sides have failed to end the deadlock and find a midway in ending the conflict. 

“We’re going to come out of Iran very quickly and it’s going to be very strong one way or the other, whether it’s a piece of paper or the very tough way,” Trump said at an event earlier this week in Wisconsin. “The very tough way is maybe the easier way, but we’re going to come out, and your fertilizer prices are going to go way down, just like they were four months ago.”

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