Treasury Expands Iran Sanctions Without Targeting Major Chinese Banks
The Trump administration has revealed the details of its “economic D-Day” campaign against Iran, expanding secondary sanctions that threaten foreign companies with exclusion from the U.S. financial system for continuing to do business with Tehran and targeting nearly 60 individuals, entities and vessels in the first round of new measures.
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Key Facts
- Fact 1: financial system for continuing to do business with Tehran and targeting nearly 60 individuals, entities and vessels in the first round of new measures.
- Fact 2: Beijing buys more than 80% of Iran’s seaborne oil, but Washington stopped short Monday of sanctioning the larger Chinese banks that may facilitate those purchases.
- Fact 3: blockade, with Chinese imports estimated at 534,000 barrels per day in August, down from 823,000 bpd in July, according to Reuters.
- Fact 4: On Friday, Iranian crude outside the Persian Gulf and Gulf of Oman had fallen to roughly 83 million barrels from more than 100 million barrels before Washington reinstated its blockade in mid-July.
The Trump administration has revealed the details of its “economic D-Day” campaign against Iran, expanding secondary sanctions that threaten foreign companies with exclusion from the U.S. financial system for continuing to do business with Tehran and targeting nearly 60 individuals, entities and vessels in the first round of new measures.
Treasury Secretary Scott Bessent on Monday formally launched “Operation Economic Outcast,” giving countries a defined, but unspecified, timeline to shut down Iran-related activity identified by Washington. The Treasury said countries that fail to comply will face U.S. action, while entities facilitating Iranian money laundering or sanctions evasion risk being cut off from the U.S.
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Original source: OilPrice.com
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