Trump administration threatens new sanctions on countries that refuse to cut economic ties with Iran
Treasury Secretary Scott Bessent said the plan will use secondary sanctions and other measures to cut off Iran’s financial lifelines, with action expected this week.
- Treasury Secretary Scott Bessent unveiled "Operation Economic Outcast" on Monday in Washington, a plan using secondary sanctions to financially squeeze Iran into submission and target its trading partners globally.
- The war in the Middle East continues with no resolution after a 60-day diplomatic window expired last week. Talks have stalled over control of the Strait of Hormuz, which Iran has effectively closed to global shipping.
- Supreme National Security Council Secretary Mohsen Rezaei warned that Tehran would regard any country's participation in the "economic war" as an "act of war." He threatened to halt all oil exports through the Persian Gulf if the campaign continues.
- Experts warn the plan could backfire by spiking oil prices and closing shipping lanes, while uncertainty remains regarding potential actions against trading partners China and India. The United Arab Emirates has already suspended trade with Iran.
- Diplomatic efforts continue as Pakistan's army chief travels to Iran to revive talks, while Oman's foreign minister is set to meet his Iranian counterpart on Tuesday to discuss the Strait of Hormuz.
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Bessent did not answer whether the US is ready to impose sanctions on Chinese banks. Scott Bessent said that no one is safe from US sanctions for supporting Iranian oil operations. China buys up to 90% of Iran's oil exports.
The US has announced sanctions against all countries doing business with Iran. Finance Minister Scott Bessent spoke of an "economic D-Day".
Countries that would not participate in the sanctions desired by the United States will "share the isolation" of the Tehran regime, warned Scott Bessent, US Treasury Secretary, on Monday.
Scott Bessen warns that entities that facilitate Iran's money laundering will be excluded from the dollar-based financial system. Also, Hugo Soares at the start of PSD Summer University
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