US Ramps Up Pressure on Countries Doing Business with Iran

US Treasury Secretary Scott Bessent announced a possible expansion of sanctions on countries doing business with Iran, part of what he called an 'economic onslaught' against the country's financial connections worldwide. The move comes as the war between the US and Iran nears its six-month mark, with energy prices remaining elevated due to the naval blockade imposed by the US.

The Treasury Department announced new sanctions on 60 individuals, entities, and vessels, but did not target any Chinese financial institutions suspected of facilitating Iran's oil trade. Bessent declined to say which countries would be targeted or when those penalties would take effect, stating 'we believe that it is important to level set and give people a cure period'.

The US has maintained sanctions against Iran for decades, targeting its oil revenues, aviation sector, cryptocurrency, and procurement of military hardware. The Treasury Department has also sanctioned independent Chinese 'teapot' refineries for buying Iranian oil and expanded sanctions on the 'shadow fleet' of tankers transporting Iranian oil.