US Unveils 'Greatest Financial Offensive Ever' Against Iran
US Treasury Secretary Scott Bessent is set to unveil new economic measures against Iran in what he calls 'the greatest financial offensive ever'. The plan aims to broaden secondary sanctions on entities and countries maintaining ties with Iran, cutting them off from the US dollar-based financial system.
Bessent will outline the measures at 1pm Washington DC time on Monday (3am AEST Tuesday), targeting entities involved in processing Iranian oil payments and arms purchases. The US has already imposed secondary sanctions on smaller China and Hong Kong-based entities accused of handling Iranian funds, but experts warn that the US is wary of Chinese retaliation ahead of expected talks between Trump and Xi Jinping.
The Treasury Department could also sharpen enforcement against oil shippers, purchasers, and currency exchangers who help Iran pay for its imports. Bessent has previously urged co-operation from China, the biggest buyer of Iranian oil in recent years, but Chinese authorities have warned that sanctions and pressure tactics will not succeed.
Iranian officials have vowed to shut down all oil exports from the Gulf if the economic war continues, while Trump has threatened tariffs on goods from countries doing business with Iran. The Supreme Court struck down the legal basis for such taxes, however.