US Softens Sanctions Roll-out Amid Iran Threats
US Treasury Secretary Scott Bessent unveiled new sanctions targeting 60 individuals, entities, and vessels in Iran on Monday. The move is part of a broader effort to cut off Iran's 'economic lifeline,' according to Washington.
Bessent declined to name the targeted countries or disclose when the sanctions would take effect, stating instead that he would grant countries time to comply with the new directive.
Despite threats from Tehran to retaliate against any US economic measures, Bessent said he wanted to give countries and companies time to sever their ties with Iran. He noted, 'Why would I want to blow up the global financial system?'
The US Department of the Treasury omitted Chinese financial institutions believed to facilitate Iran's oil trade from its list of targeted entities.