Commodities
US Treasury Unveils Plan for Weekly Sanctions on Iranian Banks
US Treasury Secretary Scott Bessent has indicated that the department will introduce new secondary sanctions on Iran every week, targeting financial institutions and increasing economic pressure.
The move is part of 'Operation Economic Outcast', launched last week, with an initial focus on banks accused of having links to Iran. Bessent emphasized that these institutions must cut ties with Iranian entities or face consequences.
He also defended the effectiveness of existing sanctions, citing a decline in Chinese oil purchases from Iran due to the US blockade of Iranian ports.