Commodities
US Launches Economic Onslaught Against Iran
The US Treasury Department has announced new sanctions targeting countries doing business with Iran. The move is part of an 'economic onslaught' aimed at cutting off Iran's financial connections worldwide, according to Treasury Secretary Scott Bessent.
Bessent warned that countries facilitating transactions for Iranian oil will be targeted with secondary sanctions. However, he declined to specify which countries would be affected or when the penalties would take effect.
The US has been pressuring China, Iran's biggest buyer of oil, to cut ties with Tehran. While Chinese banks were not explicitly targeted in this latest round of sanctions, Bessent emphasized that no country is out of reach of US sanctions.