Senior US Official: Discussions with Iran, Venezuela to Adopt Dollar in Oil Sales

US Treasury Secretary Scott Bessent announced that ongoing discussions with Iran involve its re-entry into the dollar-based system and adopting the American currency for invoicing its oil sales. Speaking in a media interview, Bessent noted that Iranian negotiations anticipate dollar-denominated invoices, seeing this as a critical element in a broader reaffirmation of the US currency's global economic dominance. He stressed "dollar dominance is essential," confirming all efforts support the currency. Bessent also indicated Venezuela's return to the dollar system, with invoices issued in dollars. He highlighted that, under the prior sanctions regime before President Nicolás Maduro's removal, they were barred from US currency transactions, leading them to sell discounted oil to China without dollars. He affirmed the dollar "will be central to their trade" now. Furthermore, Bessent predicted Russia's post-Russia-Ukraine war return to dollar dealings, attributing the dollar's global appeal to its liquidity, capital markets, depth, and breadth, remarking "everyone wants to be here (in the dollar-based system)."