Bessent Says Lifting Sanctions on Russian and Iranian Oil Allows Sales to Korea and Others

According to Financial News, United States Secretary of the Treasury Scott Bessent stated that the United States was justified in temporarily lifting sanctions on oil from the Islamic Republic of Iran and Russia so that countries such as the Republic of Korea (ROK) and Japan could purchase it.
Appearing on the Sunday current affairs program "Meet the Press" on National Broadcasting Company (NBC) on the 22nd local time, Bessent was asked whether the temporary easing of sanctions on Iranian oil would allow the Islamic Republic of Iran to earn 14 billion dollars (about 21 trillion won) in revenue. He responded, "Iranian oil has always been sold to China at a discounted price," and stressed that if it instead goes to the Republic of Korea (ROK), Japan, Indonesia, and other countries, it would also help stabilize oil prices in the United States.
Bessent also emphasized that there is sufficient funding available to conduct the war with the Islamic Republic of Iran and dismissed the possibility of tax increases to finance the war costs.
Bessent said, "We have enough money to fight the war," adding, "This budget request is merely an additional step to ensure that the military can continue to be properly supplied going forward."
He went on to say that, as in his first term, President Donald John Trump is rebuilding a strong military in his second term as well, and that he wants the United States Armed Forces (U.S. military) to receive sufficient supplies to be prepared for what lies ahead.
United States Secretary of Defense Pete Hegseth also argued last week that additional funding is needed, saying, "We need more money to respond appropriately to the operations conducted so far and to any situations that may arise in the future."
However, the Trump administration's request for an additional 200 billion dollars (about 301 trillion won) in funding is facing strong opposition in Congress. Not only the Democratic Party of the United States but even some members of the Republican Party are questioning the justification for more support, pointing out that a record-high defense budget was already approved last year.
In fact, since taking office in January 2025, the Trump administration has secured an unprecedented defense budget from the Republican Party–led Congress. Last month, President Trump signed the 2026 fiscal year National Defense Authorization Act (NDAA), worth about 840 billion dollars, and last summer he also pushed through the One Big Beautiful Bill Act, which included 156 billion dollars in defense spending, despite opposition from the Democratic Party of the United States.
According to briefings that officials from the federal government of the United States gave to lawmakers, the costs incurred in just the first six days after the outbreak of the Iran War have already exceeded 11 billion dollars (about 15 trillion won).
President Trump has not yet formally submitted a final budget proposal to Congress, and within the executive branch of the United States there is a view that the requested amount could change depending on how the situation on the ground in the Iran War develops.


jjyoon@fnnews.com Reporter Yoon Jae-jun Reporter