US Treasury Evaluates Gulf Damage, Discusses Iran's Frozen Assets

WASHINGTON, United States — WASHINGTON — The U.S. Treasury Department is evaluating damage to energy facilities in the Gulf and discussing whether to convert some of Iran's frozen assets into cash for allied nations, according to officials familiar with the matter. The approach is modeled on the REPO Act adopted in 2024 for Ukraine, with some U.S. officials considering adapting the mechanism for the Middle East, the sources said. Iran is calling for the release of its frozen assets, with some Iranian officials describing potential seizure measures as unlawful. Frozen Iranian assets worldwide total between $100 billion and $120 billion, with $6 billion held in Iraq, according to the report. Rystad Energy estimated damage to facilities in Kuwait and Bahrain at approximately $58 billion following recent tensions. Iraq could face pressure during this process, the article noted, as discussions over the international financial order deepen.