The economic pressure on Iran contributed to the reopening of the Hormuz Strait.
Treasury Secretary Scott Bessent discussed the “secondary sanctions“ the United States has threatened to impose on Chinese banks over transactions they have conducted with the Iranian regime. He called the strategy “Economic Fury,“ a reference to the U.S. military Operation Epic Fury in Iran.
Secretary Bessent stated, “The U.S. Treasury sent letters to two Chinese banks, warning that ‘if they are found supporting transactions related to Iran, secondary sanctions will be imposed.’“
Iran has been under sanctions that block the regime from dollar payments and SWIFT access. The Chinese banks were allegedly assisting the Iranians by facilitating oil payments.
The Treasury Department also requested that Gulf countries review the possibility of the Iranian regime conducting financial transactions in their systems. Secretary Bessent stated that Iran’s attacks on its neighbors made those governments “willing to be much more transparent in terms of the funds or do a deeper dive in investigating the funds that are held within their banking system.”
As the Lord Leads, Pray with Us…
- For discernment for Secretary Bessent as he seeks to ensure the Iranian regime is unable to circumvent U.S. sanctions.
- For U.S. financial officials as they assess and address the funding of terrorist activities, both internationally and domestically.
Sources: MSN, AP News, Washington Examiner
