US Unleashes Wave of Weekly Sanctions Against Iran's Economy

US Treasury Secretary Scott Bessent has revealed plans to impose weekly secondary sanctions on Iran's economy, targeting banks first. The move is part of Operation Economic Outcast, launched last week by the US Treasury Department.

In an interview with Reuters, Bessent stated that 'you're going to see a lot more of these every week' and emphasized that the next step may be cutting off an institution entirely from the dollar-based financial system.

The initial focus will be on banks, with the message being sent to Group of 20 finance leaders and central bank governors to cut economic ties to Iran or face secondary sanctions. Bessent has made it clear that there can 'be no leakage,' and institutions must choose between supporting the US or aiding the Iranian regime.

Bessent also addressed criticism from some who believe that targeting Chinese companies for secondary sanctions is necessary for successful sanctions on Iran. However, he pointed out that most of China's Iran oil purchases have been curbed by the US blockade of Iranian ports and the amount of Iranian oil stored in tankers is dwindling.