The US Treasury Department is preparing to introduce new secondary sanctions on a weekly basis, aiming to intensify economic pressure on Iran, as reported by Baird Maritime. The US Treasury Secretary indicated that the initial focus of these measures would be on banks.
Following recent penalties imposed on United Arab Emirates branches of Egypt's Banque Misr, the Secretary stated that the next step could involve completely disconnecting an institution from the dollar-based financial system. He emphasized that more such actions are anticipated weekly.
The Treasury Secretary intends to convey to G20 finance ministers and central bank governors that they must sever economic ties with Iran or face secondary sanctions. He launched this initiative, referred to as Operation Economic Outcast, the previous week.
The Secretary also addressed concerns regarding the effectiveness of Iran sanctions without targeting Chinese companies. He noted that most of China's Iranian oil purchases have been curtailed due to a US blockade of Iranian ports.
Furthermore, the amount of Iranian oil held in tankers is reportedly diminishing. The Secretary suggested that this indicates the issue regarding Chinese oil purchases from Iran has been resolved.
