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https://www.nytimes.com/2026/04/22/us/politics/bessent-support-emirates.html?unlocked_article_code=1.dFA.8Pdx.ROQpiM8cKLBx&smid=url-share

Treasury Secretary Scott Bessent said on Wednesday that he backed the idea of providing economic support in the form of a currency swap to the United Arab Emirates, an oil-rich ally that has been contending with economic fallout from the war in Iran.

Speaking at a Senate hearing, Mr. Bessent said that the Emirates, along with several other countries in the Persian Gulf and Asia, had inquired about the possibility of a swap. He said such a maneuver would prevent the disorderly sale of U.S. assets as nations look to secure access to dollars. The war in Iran has damaged oil and gas infrastructure throughout the Middle East, dealing a blow to economies such as the Emirates that rely on the Strait of Hormuz to transport crude around the world.