00:00We're about seven weeks into the war with Iran, and I wondered, Mr. Secretary, given that your
00:06department enforces sanctions, if you have a sense just how much Iran has gained through sanctions
00:13relief since the war began. I'll tell you, estimates are $14 billion. Now, President Trump's
00:20described the Obama-Iran deal as a disaster and a scandal because of the money Iran got, which was
00:26about $1.7 billion. I don't know how you describe $14 billion, but you don't have to read The
00:31Art of War to know that helping your adversaries gain money while you're at war is a terrible
00:38idea. And it's shocking to me that the countries currently profiting from the release of sanctions
00:43are our enemies. No country has profited more from this war than Russia. Oil and gas prices are up
00:49nearly 50 percent since February, and it'd be bad enough if Russia were just profiting from higher
00:55global oil prices. But your Treasury Department lifted sanctions on Russian oil, giving them
01:01an extra $150 million a day in revenue. And those funds are going not just to kill Ukrainians,
01:08but Russia's using its profits to support Iran with drones and intelligence to kill our troops.
01:15So look, to summarize, I find it hard to believe that we are continuing to relieve sanctions pressure
01:24on Russia and Iran. I was encouraged when last week you said that the department would not extend
01:30the sanctions relief for Russia, yet the next day that was reversed. Can you give me any brief idea
01:37why it's a good idea to relieve sanctions on Iranian and Russian oil?
01:43Good. With pleasure, Senator. The $14 billion is a myth and unfortunately a DNC talking point that I've
01:49been subjected to many times. If anyone would like to show me where that $14 billion comes from.
01:55I look forward to an exchange of details on that, Mr. Secretary.
01:58We can exchange it in a very public forum.
02:00I'm not the DNC. I'm the senator from Delaware.
02:03Well, on every talk show and every senator seems to have that $14 billion.
02:08Do you disagree that Iran has received significant additional revenue from their sales of oil because
02:13of sanctions relief? I couldn't disagree more.
02:15Okay. Do you disagree that Russia has received significant additional revenue from the sanctions
02:20relief? I couldn't disagree more.
02:23Okay. Why did you relieve the sanctions against Russian and Iranian oil?
02:28Think of it this way, sir. There's the Strait of Hormuz.
02:32Familiar with it?
02:33There is oil to the left.
02:35Yep, left and to the right.
02:36There is to the right. The Treasury was able to, just as you are concerned about gasoline
02:43prices for the American consumer and for our Asian allies, as are we, Treasury was able
02:50to create more than 250 million barrels on the water. And the way to think about this is,
02:57as I came in today, the oil prices are at $100. If we had not done that sanctions relief,
03:03they might have been at 150 because the world became very well supplied. So if Russia was
03:10getting, selling their oil at a 20% discount, I can tell you that 100% of 100 is less
03:17than
03:1880% of 150 and the American consumer has been better off.
03:22Well, the folks in Delaware are buying $4 a gallon gas today. I don't see that we've seen
03:28a significant reduction in the price of the pump or the price on the world markets, but I have
03:32two more questions I want to get to. And I look forward to disputing with you the details. I believe
03:37that Russia and Iran have benefited from the release of sanctions. And when you said,
03:42we're not going to extend sanctions relief, and then we're reversed, I was deeply disheartened
03:47because we shouldn't be funding Putin's war machine.
03:49I would like to tell you, that was as a result. Last week was Bank Week, World Bank, and IMF
03:54Week.
03:55And on Wednesday, it was my belief we would not do it. I was approached by more than 10 of
04:02the most
04:02vulnerable and poorest countries in terms of energy. And they asked us to extend that sanction. And it's
04:10only for 30 days.
04:1130 days, 4.5 billion to Putin's war machine.
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