US Unleashes 'Largest Financial Offensive' Against Iran, Warns Countries of Sanctions
The US is preparing to launch what it calls its 'largest financial offensive' against Iran, warning countries today that they will face sanctions if they maintain ties with Iran's economy and financial system.
US Treasury Secretary Scott Besant is set to unveil measures tonight that would expand the scope of possible secondary sanctions against entities and countries that do business with Iran. The US has been increasing pressure on China, Iran's largest oil buyer, which has already seen a reduction in Iranian oil shipments due to US-imposed blockades.
Besant had previously called on China to cooperate, but experts say Washington is wary of possible Chinese retaliation ahead of expected talks between Donald Trump and Chinese President Xi Jinping next month. The US is also considering targeting oil carriers, buyers, and currency exchangers that help Iran pay for imports, as well as air travel.
Iran has rejected US threats, saying it will halt all oil exports from the Gulf if economic pressure continues. The country has issued warnings to ships not to pass through the Strait of Hormuz without its permission, threatening retaliation for any ship-to-ship transfers involving vessels it says have violated its rules.