US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng met on Sunday, as they prepare for the Trump-Xi summit in New York, for possible agreements on trade, Artificial Intelligence and other issues. They met at JPMorgan Chase's Manhattan headquarters on September 20, 2026, to iron out details of key agenda items. The talks are expected to last all day and will also include &nbsp;US Trade Representative Jamieson Greer.The two leaders are expected to meet in White House on Thursday to ease tensions on trade, technology and other strategic concerns. The discussion will focus on the possibility of extending the possible trade truce, which is set to expire in November, and the possibility of guardrails for AI development, as Silicon Valley CEOs recently expressed concerns over the safety of the technology.Also Read: <a href="https://www.wionews.com/world/ben-gvir-al-aqsa-570-settlers-yom-kippur-1789923658331">Ben-Gvir enters Al-Aqsa with 570 settlers ahead of Yom Kippur, draws condemnation from Jordan and Palestinian Authority</a>“I’m looking forward to having focused, fulsome and constructive talks today that will set the stage for our leaders’ meeting,” Bessent told reporters as he arrived for Sunday’s talks.Though analysts project low expectations of any development, the talks will also likely feature the ongoing US campaign against Iran, Operation “Economic Outcast”. China is the largest buyer of Iranian energy; without Chinese cooperation, Washington is unlikely to achieve any of its objectives or gain concessions in future negotiations with Iran.&nbsp;Numerous discussions which are left from the two leaders' meeting in Beijing are also likely to be discussed. This includes continued flow of rare earth magnets and critical minerals that are vital for US manufacturers, lower tariffs on non-strategic goods, Chinese commitments to raise purchases of US agricultural goods by $17 billion annually, and an undertaking to buy more than 200 Boeing aircraft.&nbsp;&nbsp;

US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng met in New York ahead of the Trump-Xi summit, with trade and AI on the agenda.

US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng met on Sunday, as they prepare for the Trump-Xi summit in New York, for possible agreements on trade, Artificial Intelligence and other issues. They met at JPMorgan Chase's Manhattan headquarters on September 20, 2026, to iron out details of key agenda items. The talks are expected to last all day and will also include US Trade Representative Jamieson Greer. The two leaders are expected to meet in White House on Thursday to ease tensions on trade, technology and other strategic concerns. The discussion will focus on the possibility of extending the possible trade truce, which is set to expire in November, and the possibility of guardrails for AI development, as Silicon Valley CEOs recently expressed concerns over the safety of the technology. Also Read: Ben-Gvir enters Al-Aqsa with 570 settlers ahead of Yom Kippur, draws condemnation from Jordan and Palestinian Authority “I’m looking forward to having focused, fulsome and constructive talks today that will set the stage for our leaders’ meeting,” Bessent told reporters as he arrived for Sunday’s talks. Though analysts project low expectations of any development, the talks will also likely feature the ongoing US campaign against Iran, Operation “Economic Outcast”. China is the largest buyer of Iranian energy; without Chinese cooperation, Washington is unlikely to achieve any of its objectives or gain concessions in future negotiations with Iran. Numerous discussions which are left from the two leaders' meeting in Beijing are also likely to be discussed. This includes continued flow of rare earth magnets and critical minerals that are vital for US manufacturers, lower tariffs on non-strategic goods, Chinese commitments to raise purchases of US agricultural goods by $17 billion annually, and an undertaking to buy more than 200 Boeing aircraft.

US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng met in New York ahead of the Trump-Xi summit, with trade and AI on the agenda.

Bessent meets China’s He Lifeng to prepare for Trump-Xi summit

US Treasury Secretary Scott Bessent on Tuesday connected the high US government bond yields to broader “global issues” but did not identify what was triggering the massive bond market sell-off. Bessent made the comments on Tuesday while appearing before the House Financial Services Committee, as the 10-year Treasury yield climbed above 5 per cent to the highest level since July 2007, exactly before the stock market topped out and crashed into the Great Recession.Brent Crude has reached over $100 a barrel as conflict involving Iran has disrupted the global energy supply. The average 30-year fixed mortgage rate crossed 7 per cent the prior week. The US Treasury executed an aggressive bond buyback program of up to $6 billion, specifically targeting older, less-liquid bonds maturing in 10 to 30 years. Despite executing the massive buyback, the 10-year bond yield is around 5.04 per cent on Tuesday.&nbsp;When Bond yields are higher, meaning people are doubtful about buying long-term US government debt, the Treasury executes a buyback of bonds using T-bills to create demand for government debt. However, the scale of the buyback is unprecedented. &nbsp;In August 2026, it shifted its maximum buyback cap from the previously planned $2 billion baseline up to $6 billion for targeted long-dated operations.Also Read: <a href="https://www.wionews.com/india-news/west-bengal-ips-bushra-bano-transfer-islamic-greetings-backlash-1789485966243">West Bengal IPS officer Bushra Bano transferred after objections to ‘Assalamualaikum’, ‘Inshallah’</a>"There was the counterfactual of what it would have done," said Bessent defending the US Treasury Department's purchase of long-dated Treasury bonds, arguing that yields would have climbed further if they did not do so. "And then we proceeded to have two of the most successful Treasury bond auctions that we've had in 20 years." He also said he is working on deficit-reduction plans that he believes would ease yields. "I believe that the 10-year yield reflects many things, but the need to address the deficit is one of those," he said.However, Wall Street analysts were zeroing in on a dropping cover ratio for long-dated bond purchases; Bessent focused on the broader health of regular government debt auctions to prove that international investor confidence is not broken. US stocks tumbled with the latest yield spike, with the Dow shedding more than 500 points by around midday, while the S&amp;P 500 slid 0.45 per cent and the Nasdaq Composite dropped 0.73 per cent.&nbsp;Markets are hinting at a dip that is long overdue. The combination of 5.04 per cent benchmark bond yields, $104+ oil, and a falling stock market forms a classic macroeconomic squeeze that historically pops asset bubbles. “We're entering late innings of the cycle, arguing for multiple compression,” Wells Fargo wrote, flagging the risk of a 5 per cent to 10 per cent drawdown in stocks this year.

US 10-year Treasury yields crossed 5% as oil topped $100 a barrel and stocks fell, raising concerns over inflation, deficits and an overdue market correction.

US Treasury Secretary Scott Bessent on Tuesday connected the high US government bond yields to broader “global issues” but did not identify what was triggering the massive bond market sell-off. Bessent made the comments on Tuesday while appearing before the House Financial Services Committee, as the 10-year Treasury yield climbed above 5 per cent to the highest level since July 2007, exactly before the stock market topped out and crashed into the Great Recession. Brent Crude has reached over $100 a barrel as conflict involving Iran has disrupted the global energy supply. The average 30-year fixed mortgage rate crossed 7 per cent the prior week. The US Treasury executed an aggressive bond buyback program of up to $6 billion, specifically targeting older, less-liquid bonds maturing in 10 to 30 years. Despite executing the massive buyback, the 10-year bond yield is around 5.04 per cent on Tuesday. When Bond yields are higher, meaning people are doubtful about buying long-term US government debt, the Treasury executes a buyback of bonds using T-bills to create demand for government debt. However, the scale of the buyback is unprecedented. In August 2026, it shifted its maximum buyback cap from the previously planned $2 billion baseline up to $6 billion for targeted long-dated operations. Also Read: West Bengal IPS officer Bushra Bano transferred after objections to ‘Assalamualaikum’, ‘Inshallah’ "There was the counterfactual of what it would have done," said Bessent defending the US Treasury Department's purchase of long-dated Treasury bonds, arguing that yields would have climbed further if they did not do so. "And then we proceeded to have two of the most successful Treasury bond auctions that we've had in 20 years." He also said he is working on deficit-reduction plans that he believes would ease yields. "I believe that the 10-year yield reflects many things, but the need to address the deficit is one of those," he said. However, Wall Street analysts were zeroing in on a dropping cover ratio for long-dated bond purchases; Bessent focused on the broader health of regular government debt auctions to prove that international investor confidence is not broken. US stocks tumbled with the latest yield spike, with the Dow shedding more than 500 points by around midday, while the S&P 500 slid 0.45 per cent and the Nasdaq Composite dropped 0.73 per cent. Markets are hinting at a dip that is long overdue. The combination of 5.04 per cent benchmark bond yields, $104+ oil, and a falling stock market forms a classic macroeconomic squeeze that historically pops asset bubbles. “We're entering late innings of the cycle, arguing for multiple compression,” Wells Fargo wrote, flagging the risk of a 5 per cent to 10 per cent drawdown in stocks this year.

US 10-year Treasury yields crossed 5% as oil topped $100 a barrel and stocks fell, raising concerns over inflation, deficits and an overdue market correction.

US Treasury yields cross 5% as Scott Bessent warns of ‘global issues’ impacting bonds

US Treasury Secretary Scott Bessent criticised Canada for the way it is handling trade talks with the US. In an interview with a TV channel, Bessent said that the trade war with Canada would have a "negligible" effect on US prices. In fact he went on to compare &nbsp;Canada’s attitude to a little dog barking at a much bigger one.&nbsp;On being asked by Fox News what he thinks will happen with the ongoing trade standoff, Bessent compared the northern neighbor to a "little yippy dog."&nbsp;"I had a German shepherd and there was a Dachshund that used to antagonize her at the playground and it kind of reminds me of that," Bessent said.&nbsp;"This little yippy dog used to bark away and for a long time a 110-pound German shepherd was ignoring the Dachshund and then one day she had enough," he further said.&nbsp;ALSO READ: <a href="https://www.wionews.com/world/possible-avenues-for-settlement-outlined-russia-on-ukraine-talks-with-us-1788674611561">'Possible avenues for settlement outlined': Russia on Ukraine talks with US</a>&nbsp;Bessent then went on to criticise Canadian Prime Minister Mark Carney for "refusing a great trade deal".&nbsp;"They were given the opportunity for a great trade deal and they didn't want it," he said in the interview.&nbsp;Bessent also seemed less bothered by the impact the trade war could have on US prices and said he is happy to debate with anybody on the topic.&nbsp;"I would like someone to show me the statistical significance of the Canadian tariffs on U.S. prices. I'm happy to debate them," the secretary said.&nbsp;The comment comes amid a continued war of words between Bessent and Carney lately. Bessent has in the past accused Carney of caring more about political image than about what’s best for Canada’s economy.&nbsp;

Bessent also seemed less bothered by the impact the trade war could have on US prices and said he is happy to debate with anybody on the topic.

US Treasury Secretary Scott Bessent criticised Canada for the way it is handling trade talks with the US. In an interview with a TV channel, Bessent said that the trade war with Canada would have a "negligible" effect on US prices. In fact he went on to compare Canada’s attitude to a little dog barking at a much bigger one. On being asked by Fox News what he thinks will happen with the ongoing trade standoff, Bessent compared the northern neighbor to a "little yippy dog." "I had a German shepherd and there was a Dachshund that used to antagonize her at the playground and it kind of reminds me of that," Bessent said. "This little yippy dog used to bark away and for a long time a 110-pound German shepherd was ignoring the Dachshund and then one day she had enough," he further said. ALSO READ: 'Possible avenues for settlement outlined': Russia on Ukraine talks with US Bessent then went on to criticise Canadian Prime Minister Mark Carney for "refusing a great trade deal". "They were given the opportunity for a great trade deal and they didn't want it," he said in the interview. Bessent also seemed less bothered by the impact the trade war could have on US prices and said he is happy to debate with anybody on the topic. "I would like someone to show me the statistical significance of the Canadian tariffs on U.S. prices. I'm happy to debate them," the secretary said. The comment comes amid a continued war of words between Bessent and Carney lately. Bessent has in the past accused Carney of caring more about political image than about what’s best for Canada’s economy.

Bessent also seemed less bothered by the impact the trade war could have on US prices and said he is happy to debate with anybody on the topic.

'Little yippy dog' says Bessent about Canada over trade deal with US, slams Mark Carney

The US Treasury Secretary Scott Bessent met Indian Finance Minister Nirmala Sitharaman on the sidelines of the G20 Finance Ministers and Central Bank Governors' meeting. Following the meeting, the US embassy in India announced in a statement on the social media platform X that Indian companies have invested $40 billion in the US and support more than 70,000 direct American jobs.The significant statistics shared by the US embassy track the direct employment created by Indian companies. However, organisations like the Confederation of Indian Industry suggest the total footprint, including indirect employment, spans over 4,25,000 jobs across all 50 states. The primary sectors include Pharmaceuticals, Information Technology, Advanced Manufacturing and Energy.&nbsp;Also Read: <a href="https://www.wionews.com/world/nepal-floods-chinese-supervisor-fled-hydropower-tunnel-workers-missing-1788344895875">‘I’ll go and see’: Nepal worker alleges Chinese supervisor abandoned workers during flash flood</a>

<blockquote class="twitter-tweet">U.S. Treasury Secretary <a href="https://x.com/SecScottBessent?ref_src=twsrc%5Etfw">@SecScottBessent</a> had a successful meeting with Indian Finance Minister <a href="https://x.com/nsitharaman?ref_src=twsrc%5Etfw">@nsitharaman</a> on the sidelines of the G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting in Asheville, North Carolina, on September 1. Indian companies have invested $40… <a href="https://t.co/BRSqhcLLeP">pic.twitter.com/BRSqhcLLeP</a>&mdash; U.S. Embassy India (@USAndIndia) <a href="https://x.com/USAndIndia/status/2095063643784388835?ref_src=twsrc%5Etfw">September 2, 2026</a></blockquote> <script async src="https://platform.x.com/widgets.js" charset="utf-8"></script>

In Asheville, Nirmala Sitharaman invited US Treasury Secretary Scott Bessent to New Delhi later this year for the Economic and Financial Partnership as the two nation remain committed to deepen partnership across various areas, including critical minerals. Bessent appreciated Indian role in G7 plus and its participation in G7-led critical mineral dialogues aimed at sharing research and technology and securing the supply chain.Meanwhile US envoy Sergio Gor speaking at Automotive Component Manufacturers Association of India (ACMA) said that the US and India should strengthen supply-chain resilience by working together during disruptions and ensuring production continues.&nbsp;“India-US ties stand at 'historic high-point.Both govts working closely to build a fair, reciprocal and mutually-beneficial trade relationship.” said Gor. He also called for an environment that allows American suppliers and technology to access the Indian market, while enabling Indian companies to compete fairly in the US. Gor further urged Indian firms to explore investments in the US across manufacturing, R&amp;D and distribution.

Indian companies have invested $40 billion in the US and support more than 70,000 direct American jobs, the US embassy said as India-US ties deepen.

The US Treasury Secretary Scott Bessent met Indian Finance Minister Nirmala Sitharaman on the sidelines of the G20 Finance Ministers and Central Bank Governors' meeting. Following the meeting, the US embassy in India announced in a statement on the social media platform X that Indian companies have invested $40 billion in the US and support more than 70,000 direct American jobs. The significant statistics shared by the US embassy track the direct employment created by Indian companies. However, organisations like the Confederation of Indian Industry suggest the total footprint, including indirect employment, spans over 4,25,000 jobs across all 50 states. The primary sectors include Pharmaceuticals, Information Technology, Advanced Manufacturing and Energy. Also Read: ‘I’ll go and see’: Nepal worker alleges Chinese supervisor abandoned workers during flash flood

Indian companies have invested $40 billion in the US and support more than 70,000 direct American jobs, the US embassy said as India-US ties deepen.

Indian companies invest $40 billion in US, support 70,000 direct jobs

US Secretary of Treasury Scott Bessent said on Monday that the US plan to choke Iran’s economy by slapping sanctions on its financial enablers can work even if China doesn’t cooperate. China is Tehran’s top trade partner and oil buyer.&nbsp;“I would push back on that false narrative that somehow the media has jumped on this, ‘Oh, you can’t do it without China,’” Bessent told CNBC in an interview.&nbsp;“Well, you can,” he said, adding, “because one of the things is that there are only 30 million Iranian barrels of Iranian oil left on the water because of the blockade. So even if they were to get remittances from China, that’s going to run out.”&nbsp;China has publicly said that it opposes “illicit unilateral sanctions that have no basis in international law.”&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/india-news/doomsayers-doomed-india-s-gdp-grows-7-8-in-first-quarter-domestic-economy-gives-boost-amid-global-tensions-1788179210296">‘Doomsayers doomed’: India’s GDP grows 7.8% in first quarter, domestic economy gives boost amid global tensions</a><h2>Beijing less resistant behind the scenes? Bessent suggests so&nbsp;</h2>&nbsp;Bessent, however, suggested that Beijing may be less resistant behind the scenes.“We have more in common with the Chinese on Iran than we disagree on,” he added. “The Chinese agree that Iran cannot have a nuclear weapon. The Chinese agree that the [Strait of Hormuz] must be open to free and fair ship transit.”Bessent also said he met with Chinese central bank Governor Pan Gongsheng on Sunday but did not share more details about their conversation.&nbsp;Bessent is expected to ask his counterparts in the G20 meeting if their countries will join the US in its goal of cutting off Iran from the global economy, officials said.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/islam-superior-to-all-other-religions-says-karnataka-minister-basavaraj-rayareddy-bjp-demands-apology-1788123594820">‘Islam superior to all other religions,’ says Karnataka minister Basavaraj Rayareddy; BJP demands apology</a><h2>Trump admin may unveil sanctions on another bank this week</h2>&nbsp;Bessent has also revealed that the Trump administration plans to unveil sanctions on another bank this week as part of its plan to economically isolate Iran by targeting its financial “enablers.”Bessent is also likely to sit down with officials from South Korea and Argentina, among other nations.&nbsp;US Treasury Secretary told reporters at the Group of 20 finance ministers’ meeting that international pressure could cause Iran’s economy to collapse “within weeks or months”.&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/india-news/pak-based-terrorist-handlers-isi-using-porn-sites-and-encrypted-apps-to-communicate-with-recruits-in-j-k-1788115668072">Pak-based terrorist handlers, ISI using porn sites and encrypted apps to communicate with ‘recruits’ in J&amp;K</a><h2>‘Tehran just has to come to their sense, &nbsp;economy doesn’t have to collapse’</h2>&nbsp;Bessent, however, added that “the economy doesn’t have to collapse,” Tehran just has to “come to their sense.”Referring to Iran’s retaliatory strikes on Sunday night, Bessent said, “They are lashing out kinetically because they are losing economically”. He also thanked the European Union for its “fulsome support” of ramped-up sanctions against Iran.Bessent also downplayed any impact of the war on US growth. “We will get to the other side of this Iran conflict,” he said.&nbsp;Referring to Iran, Bessent said, “We are starting to see their elected leadership openly complain about the state of the economy... In my experience with people like this, the main thing they care about is their head staying attached to their neck.”

Treasury Secretary Scott Bessent said he met with Chinese central bank Governor Pan Gongsheng on Sunday but did not share details about their conversation. He will ask his counterparts in the G20 meeting if their countries will join the US in its goal of cutting off Iran from global economy.

US Secretary of Treasury Scott Bessent said on Monday that the US plan to choke Iran’s economy by slapping sanctions on its financial enablers can work even if China doesn’t cooperate. China is Tehran’s top trade partner and oil buyer. “I would push back on that false narrative that somehow the media has jumped on this, ‘Oh, you can’t do it without China,’” Bessent told CNBC in an interview. “Well, you can,” he said, adding, “because one of the things is that there are only 30 million Iranian barrels of Iranian oil left on the water because of the blockade. So even if they were to get remittances from China, that’s going to run out.” China has publicly said that it opposes “illicit unilateral sanctions that have no basis in international law.” Also Read: ‘Doomsayers doomed’: India’s GDP grows 7.8% in first quarter, domestic economy gives boost amid global tensions Beijing less resistant behind the scenes? Bessent suggests so Bessent, however, suggested that Beijing may be less resistant behind the scenes. “We have more in common with the Chinese on Iran than we disagree on,” he added. “The Chinese agree that Iran cannot have a nuclear weapon. The Chinese agree that the [Strait of Hormuz] must be open to free and fair ship transit.” Bessent also said he met with Chinese central bank Governor Pan Gongsheng on Sunday but did not share more details about their conversation. Bessent is expected to ask his counterparts in the G20 meeting if their countries will join the US in its goal of cutting off Iran from the global economy, officials said. Also Read: ‘Islam superior to all other religions,’ says Karnataka minister Basavaraj Rayareddy; BJP demands apology Trump admin may unveil sanctions on another bank this week Bessent has also revealed that the Trump administration plans to unveil sanctions on another bank this week as part of its plan to economically isolate Iran by targeting its financial “enablers.” Bessent is also likely to sit down with officials from South Korea and Argentina, among other nations. US Treasury Secretary told reporters at the Group of 20 finance ministers’ meeting that international pressure could cause Iran’s economy to collapse “within weeks or months”. Also Read: Pak-based terrorist handlers, ISI using porn sites and encrypted apps to communicate with ‘recruits’ in J&K ‘Tehran just has to come to their sense, economy doesn’t have to collapse’ Bessent, however, added that “the economy doesn’t have to collapse,” Tehran just has to “come to their sense.” Referring to Iran’s retaliatory strikes on Sunday night, Bessent said, “They are lashing out kinetically because they are losing economically”. He also thanked the European Union for its “fulsome support” of ramped-up sanctions against Iran. Bessent also downplayed any impact of the war on US growth. “We will get to the other side of this Iran conflict,” he said. Referring to Iran, Bessent said, “We are starting to see their elected leadership openly complain about the state of the economy... In my experience with people like this, the main thing they care about is their head staying attached to their neck.”

Treasury Secretary Scott Bessent said he met with Chinese central bank Governor Pan Gongsheng on Sunday but did not share details about their conversation. He will ask his counterparts in the G20 meeting if their countries will join the US in its goal of cutting off Iran from global economy.

Sanctions pressure on Tehran can work without Chinese cooperation: Scott Bessent

Treasury Secretary Scott Bessent and the IRS are reportedly preparing to review the tax-exempt status of George Soros' Open Society Foundations, the Southern Poverty Law Center, and the Council on American-Islamic Relations, as part of a Trump-backed push against "bogus charities."

Trump team eyes tax crackdown on Soros, SPLC and CAIR's nonprofit status 

US Treasury Secretary Scott Bessent said on Tuesday that Iran is “panicking” over the intensified sanctions announced by Washington the previous day and shared the quotes of political leaders in Tehran to prove the point.&nbsp;“Iran’s leadership is admitting what the world can now see: the pressure is working,” Bessent wrote on X, alongside quotes from Iranian Parliament speaker Mohammad Bagher Ghalibaf and President Masoud Pezeshkian about wanting the war to come to an end soon.&nbsp;&nbsp;

<blockquote class="twitter-tweet">Iran’s leadership is admitting what the world can now see: the pressure is working. President Masoud Pezeshkian acknowledged Iran’s economic shortages, saying, “The war must come to an end at some point.” Mohammad Bagher Ghalibaf, Iran’s parliamentary speaker, was even more… <a href="https://t.co/IEopNO1cT8">pic.twitter.com/IEopNO1cT8</a>&mdash; Treasury Secretary Scott Bessent (@SecScottBessent) <a href="https://x.com/SecScottBessent/status/2092286355338379405?ref_src=twsrc%5Etfw">August 25, 2026</a></blockquote> <script async src="https://platform.x.com/widgets.js" charset="utf-8"></script>

&nbsp;Also Read: <a href="https://www.wionews.com/world/trump-admin-says-kennedy-center-fundamentally-unsafe-may-demolish-it-if-court-blocks-renovations-1787685302353">Trump admin says Kennedy Center ‘fundamentally unsafe’, may demolish it if court blocks renovations</a>&nbsp;&nbsp;The quotes were published in The Wall Street Journal last week, however, both leaders have since attacked the US sanctions and claimed that they would not pose a concern.&nbsp;“Americans know that no one buys their bombast; the United States is not in an economic position to further restrict its relations with other countries,” Ghalibaf wrote on X.“Iran’s trading partners, both in the media and through messages sent to us, have made it clear that they don’t take these statements into account anywhere,” he added.&nbsp;Iran’s economy minister said on Tuesday that the country had been preparing for sanctions for two years and the US plan would “suffer yet another defeat”.&nbsp;Bessent had referred to the remarks of Iranian President Masoud Pezeshkian and Speaker Ghalibaf, in which they mentioned that the war could not continue forever.&nbsp;Also Read: <a href="https://www.wionews.com/world/global-bullying-disrespect-for-sovereignty-iran-cites-us-trade-war-with-canada-as-symptom-of-same-policy-1787680969919">‘Global bullying, disrespect for sovereignty’: Iran cites US trade war with Canada as symptom of same policy</a>&nbsp;Pezeshkian had called for an end to the months-long war with the United States, saying that Tehran holds a position of strength as diplomatic talks remain stalled.&nbsp;“It is better that we bring the war to an end now as we are in a position of power and dignity,” Pezeshkian had said.&nbsp;Similarly, Iranian parliament speaker Mohammad Bagher Ghalibaf had warned that military strength alone could not ensure the Islamic Republic’s survival if people faced hunger and the economy failed to grow.&nbsp;Also Read: <a href="https://www.wionews.com/world/us-to-revoke-up-to-200-000-visas-in-largest-such-exercise-against-asylum-seekers-1787674058563">US to revoke up to 200,000 visas in largest such exercise against asylum seekers</a>&nbsp;“No matter how much military power we have, if people are hungry and we don’t have financial circulation, economic growth, and domestic production, we will not endure,” Ghalibaf had said.&nbsp;<h2>‘Ending the war, preserving unity our priority,’ says Iranian president</h2>&nbsp;President Masoud Pezeshkian said on Tuesday that ending the war is Iran’s priority and the Islamabad memorandum of understanding (MoU) between the US and Iran was not signed out of submission, but “out of logic and awareness”.&nbsp;Pezeshkian claimed that Iran’s enemies realised they could not defeat the country militarily, so they focused on creating social problems and economic discontent, reported Iranian media.Ending the war and preserving unity are priorities of my government, the Iranian president said.&nbsp;Also Read: <a href="https://www.wionews.com/world/us-military-aircraft-lands-in-moscow-mystery-theories-swirl-as-kremlin-claims-it-has-no-idea-1787665191079">CIA Director John Ratcliffe on secret trip to Russia amid rumours over US military aircraft mystery landing in Moscow</a><h2>Oil prices fall for second straight day after sanctions</h2>&nbsp;Oil prices fell again on Tuesday, despite the announcement of new sanctions on Iran.The price for a barrel of Brent crude fell 3.8% to $87.14 midday and was heading for a second decline following 13 gains in 14 days. The oil prices dropped even though tensions between the US and Iran seemed to ratchet up higher.&nbsp;

President Masoud Pezeshkian had called for an end to the months-long war with the US, saying that Tehran holds a position of strength as diplomatic talks remain stalled. Speaker Ghalibaf had warned that military strength alone could not ensure Iran's survival if people faced hunger.

US Treasury Secretary Scott Bessent said on Tuesday that Iran is “panicking” over the intensified sanctions announced by Washington the previous day and shared the quotes of political leaders in Tehran to prove the point. “Iran’s leadership is admitting what the world can now see: the pressure is working,” Bessent wrote on X, alongside quotes from Iranian Parliament speaker Mohammad Bagher Ghalibaf and President Masoud Pezeshkian about wanting the war to come to an end soon.

President Masoud Pezeshkian had called for an end to the months-long war with the US, saying that Tehran holds a position of strength as diplomatic talks remain stalled. Speaker Ghalibaf had warned that military strength alone could not ensure Iran's survival if people faced hunger.

‘The pressure is working’: Iranian leaders ‘panicking’ over economic sanctions, says Scott Bessent

The United States has sanctioned four Indian companies and several individuals for allegedly facilitating the import of Iranian petroleum and petrochemical products, according to a US State Department press release. The companies named in the action are Portease Partners LLP, Sadashiva Overseas Limited, PP Softtech Private Limited, and Prakrutees Infra Impex Private Limited.&nbsp;Portease Partners LLP and its partners Indrismiya Ashrafmiya Sheikh and Harish Ramachandra Rangi were accused of facilitating multiple shipments of Iranian petrochemical products. Sheikh and Rangi are Indian nationals, the State Department said. The US has also targeted Prashant Garg, director of PP Softtech Private Limited. Garg is also identified as an Indian national in the release.&nbsp;According to the US State Department, Sadashiva Overseas Limited imported Iranian-origin petroleum products worth approximately $69 million from multiple companies. PP Softtech Private Limited and Prakrutees Infra Impex Private Limited each allegedly imported around $25 million worth of petroleum products from Iran.<h2>Why are these Indian companies being targeted?</h2>The companies and individuals were sanctioned for what the US described as significant transactions involving Iranian petroleum and petroleum products. The State Department said the entities were put on the sanctions list for ‘knowingly engaging in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petroleum or petroleum products from Iran’. The sanctions are part of a broader US effort to restrict Iran's oil revenues, which Washington says help fund activities it considers destabilising.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/h1n1-cases-surge-in-delhi-cm-rekha-gupta-holds-emergency-review-meeting-as-health-minister-assures-no-need-for-panic-1787656800770">H1N1 cases surge in Delhi: CM Rekha Gupta holds emergency review meeting as health minister assures 'no need for panic'</a><h2>What is Operation Economic Outcast?</h2>US Treasury Secretary Scott Bessent announced Operation Economic Outcast as a new sanctions campaign aimed at cutting off Iran's sources of revenue. Washington has also warned governments, companies and other entities that continued economic dealings with Tehran could expose them to secondary sanctions. Bessent described the initiative as an unprecedented campaign to sever Iran's financial lifelines. The policy expands the risk of secondary sanctions for entities that continue to conduct business with Iran.&nbsp;Following the announcement, the US imposed sanctions on nearly 60 entities, individuals and vessels over alleged links to Iran's military activities, procurement networks and petroleum and petrochemical trade. The measures were issued under Executive Orders 13846 and 13949, which are aimed at Iran's petroleum revenue and alleged conventional arms proliferation. The action also included sanctions targeting senior Iranian military figures through the US Treasury Department and the Rewards for Justice (RFJ) program.&nbsp;State Department spokesperson Tommy Pigott said in a statement on Monday: “Today, the United States took sweeping action against multiple entities, individuals, and vessels enabling the Iranian regime's destabilising activities.” He added, "Such activities include attacks against US forces and allies in the region, illicit weapons procurement, cyber intrusions into American infrastructure, and the movement of energy products whose sale funds terrorism globally,"<h2>What does the action mean for Indian companies?</h2>The sanctions highlight the growing risks for businesses involved in trade with Iran, particularly companies dealing in petroleum and petrochemical products. By targeting foreign businesses involved in Iranian oil transactions, the US is seeking to limit Iran's ability to generate and move petroleum-related revenue through international markets. The latest action also signals that companies outside Iran can face US sanctions if Washington determines that their transactions fall within the scope of its Iran sanctions regime.

US sanctions four Indian companies over alleged Iranian petroleum trade. Know why Portease Partners, Sadashiva Overseas and others were targeted

The United States has sanctioned four Indian companies and several individuals for allegedly facilitating the import of Iranian petroleum and petrochemical products, according to a US State Department press release. The companies named in the action are Portease Partners LLP, Sadashiva Overseas Limited, PP Softtech Private Limited, and Prakrutees Infra Impex Private Limited. Portease Partners LLP and its partners Indrismiya Ashrafmiya Sheikh and Harish Ramachandra Rangi were accused of facilitating multiple shipments of Iranian petrochemical products. Sheikh and Rangi are Indian nationals, the State Department said. The US has also targeted Prashant Garg, director of PP Softtech Private Limited. Garg is also identified as an Indian national in the release. According to the US State Department, Sadashiva Overseas Limited imported Iranian-origin petroleum products worth approximately $69 million from multiple companies. PP Softtech Private Limited and Prakrutees Infra Impex Private Limited each allegedly imported around $25 million worth of petroleum products from Iran. Why are these Indian companies being targeted? The companies and individuals were sanctioned for what the US described as significant transactions involving Iranian petroleum and petroleum products. The State Department said the entities were put on the sanctions list for ‘knowingly engaging in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petroleum or petroleum products from Iran’. The sanctions are part of a broader US effort to restrict Iran's oil revenues, which Washington says help fund activities it considers destabilising. Also Read: H1N1 cases surge in Delhi: CM Rekha Gupta holds emergency review meeting as health minister assures 'no need for panic' What is Operation Economic Outcast? US Treasury Secretary Scott Bessent announced Operation Economic Outcast as a new sanctions campaign aimed at cutting off Iran's sources of revenue. Washington has also warned governments, companies and other entities that continued economic dealings with Tehran could expose them to secondary sanctions. Bessent described the initiative as an unprecedented campaign to sever Iran's financial lifelines. The policy expands the risk of secondary sanctions for entities that continue to conduct business with Iran. Following the announcement, the US imposed sanctions on nearly 60 entities, individuals and vessels over alleged links to Iran's military activities, procurement networks and petroleum and petrochemical trade. The measures were issued under Executive Orders 13846 and 13949, which are aimed at Iran's petroleum revenue and alleged conventional arms proliferation. The action also included sanctions targeting senior Iranian military figures through the US Treasury Department and the Rewards for Justice (RFJ) program. State Department spokesperson Tommy Pigott said in a statement on Monday: “Today, the United States took sweeping action against multiple entities, individuals, and vessels enabling the Iranian regime's destabilising activities.” He added, "Such activities include attacks against US forces and allies in the region, illicit weapons procurement, cyber intrusions into American infrastructure, and the movement of energy products whose sale funds terrorism globally," What does the action mean for Indian companies? The sanctions highlight the growing risks for businesses involved in trade with Iran, particularly companies dealing in petroleum and petrochemical products. By targeting foreign businesses involved in Iranian oil transactions, the US is seeking to limit Iran's ability to generate and move petroleum-related revenue through international markets. The latest action also signals that companies outside Iran can face US sanctions if Washington determines that their transactions fall within the scope of its Iran sanctions regime.

US sanctions four Indian companies and key executives over allege Iranian oil and petrochemical trade under Operation Economic Outcast.

US sanctions four Indian companies over Iran oil trade under Operation Economic Outcast: Who are they and why were they targeted?

The US on Monday (Aug 24) launched the “Operation Economic Outcast” campaign to isolate Iran financially. However, the threatened secondary sanctions on countries and businesses dealing with the Islamic Republic have not yet been imposed. Washington has instead warned third parties to cut Iran-related activity or face sanctions. Treasury Secretary Scott Bessent said the US would give countries a “cure period” but warned that action could move quickly.Bessent described the campaign as an “economic onslaught” and an “economic D-Day”.&nbsp;<h2>A gradual action plan to put pressure on Iran</h2>The first phase sanctioned more than 60 individuals, entities and vessels and expanded sanctions risk across five sectors: digital assets, technology, gold, aviation and shipping. Targets were linked to Iran’s oil revenues, nuclear and missile technology procurement and cyber operations.Bessent warned that no one is above the reach of US sanctions. He also said the administration did not want to “blow up the global financial system”, adding the US was initially giving countries an opportunity to change course. Secondary sanctions could target foreign banks, companies, vessels and other facilitators involved in Iran-related oil, finance, shipping and other restricted activity. The most severe consequence could be exclusion from the US financial system and loss of access to dollar transactions and correspondent banking.Also read: <a href="https://www.wionews.com/world/we-will-block-every-source-of-revenue-for-iran-scott-bessent-announces-damaging-new-sanctions-after-warning-of-economic-d-day-for-tehran-1787591064504">'We will block every source of revenue for Iran': Scott Bessent announces new sanctions after warning of ‘economic D-Day’ for Tehran</a><h2>China is the biggest concern for US when it comes to Iran trade</h2>China is the world’s largest buyer of Iranian oil. Most Iranian crude exports go to China, particularly independent “teapot” refineries — smaller, privately owned Chinese refineries that operate outside the major state-controlled oil companies and have been important buyers of discounted Iranian crude. The US has already sanctioned several Chinese teapot refineries, shipping companies and vessels involved in Iran’s oil trade. But the latest sanctions did not target major Chinese financial institutions, despite Washington warning that Chinese banks could face consequences.China has resisted unilateral US sanctions and has used yuan settlements, domestic financial channels and opaque shipping networks to maintain Iran trade. Any broader secondary sanctions could therefore hit Chinese refiners, banks, traders and shipping companies.The move could further complicate US-China trade relations. Targeting major Chinese banks would carry much wider financial consequences, which helps explain Washington’s cautious approach so far.<h2>How vulnerable is India to Iran-related US actions?</h2>India has historically had significant economic ties with Iran, but its exposure has fallen sharply since the US reimposed sanctions on Iranian oil. India largely stopped importing Iranian crude after 2019, reducing the risk to its overall economy. India-Iran trade is now much smaller than before 2019, with recent trade largely centred on non-oil goods. India has traditionally run a trade surplus with Iran through exports including rice, tea, pharmaceuticals and other products.The risk to India is therefore lower than to China, particularly because India has diversified its energy supplies and has previously adjusted its Iran trade to comply with US sanctions.However, Indian private companies could still be exposed. The sectors identified by Bessent — shipping, finance, gold, aviation, technology and digital assets — overlap with areas where Indian-linked entities have previously faced US sanctions for Iran-related activity.Indian banks and companies with US-dollar exposure, correspondent banking relationships or significant international operations are likely to be particularly cautious. They may avoid transactions involving designated Iranian banks and entities even without being directly sanctioned.India’s remaining economic interests in Iran, including trade in agricultural and pharmaceutical products and its strategic involvement in Chabahar Port, could therefore face greater US scrutiny.For India, the bigger immediate risk is likely to be individual companies rather than the Indian economy as a whole. New US measures could pressure firms involved in residual Iran-related shipping, finance, technology or other restricted activities.India’s diversified energy sources, reduced oil dependence and strategic partnership with Washington provide some cushion against broader economic disruption.Also read: <a href="https://www.wionews.com/world/bessent-repeats-trump-s-economic-d-day-threat-as-iran-warns-us-allies-of-act-of-war-1787539908590">US Treasury Secretary Bessent repeats Trump's 'Economic D-Day' threat as Iran warns US allies of 'act of war'</a><h2>Pakistan is stuck in the middle: Low trade with Iran but high dollar dependency</h2>Pakistan’s trade with Iran is smaller and more informal, covering oil, wheat, rice, livestock and medicines. Cross-border commerce uses barter and local-currency arrangements, limiting exposure to the formal dollar system. Nevertheless, Pakistani banks, traders, transport companies and other facilitators could face secondary-sanctions risks if they handle prohibited Iran-related transactions.Pakistan's vulnerability, however, &nbsp;comes from its dollar shortages, dependence on the IMF and exposure to international financial institutions.&nbsp;Also read: <a href="https://www.wionews.com/world/us-says-tougher-iran-sanctions-make-large-scale-war-less-likely-tehran-condemns-economic-terrorism-1787242779961">US says tougher Iran sanctions make large-scale war less likely; Tehran condemns 'economic terrorism'</a><h2>Turkey, Iraq and UAE maintain trade relations with Iran</h2>Turkey and Iraq have significant economic ties with Iran. Iraq has long traded Iranian gas for electricity, while Turkey remains an important importer of Iranian gas. The UAE has been a major hub for Iran-related trade, finance and logistics, although it has recently suspended many financial and economic transactions with Iran. Businesses and financial intermediaries in these countries could face scrutiny if they continue facilitating sanctioned activity.<a href="https://www.wionews.com/videos/trump-warns-nations-giving-any-economic-lifeline-to-iran-1787336156058/embed">https://www.wionews.com/videos/trump-warns-nations-giving-any-economic-lifeline-to-iran-1787336156058/embed</a><h2>How effective are sanctions? Iran’s trade network extends far beyond its immediate neighbours</h2>Secondary sanctions do not automatically stop all trade. They increase the cost and risk of doing business with Iran, encouraging companies and banks to self-comply or develop alternative payment and shipping channels. The US does not need to sanction an entire country to impose economic pressure. It can target specific banks, companies, vessels and individuals that facilitate Iran-related activity. Those entities could then lose access to US dollars, correspondent banking and the wider US-linked financial system.Enforcement could therefore be selective, with the greatest pressure falling on businesses that still depend heavily on the US financial system.But dealing a blow to Iranian trade is not easy. It has survived decades of sanctions by using shadow fleets, exchange houses, front companies and financial intermediaries across Hong Kong, Singapore, Europe, Russia, China and the Gulf. Washington has already identified parts of this network, but Operation Economic Outcast suggests enforcement could widen further.Operation Economic Outcast could become a global economic pressure campaign rather than a measure confined to Iran.&nbsp;Its impact on China, Pakistan and India will depend on how aggressively Washington moves from warnings and diplomacy to actual secondary sanctions in the coming days and weeks.

America's “Operation Economic Outcast” targets Iran’s economic lifelines, with secondary sanctions threatening countries and businesses. China, India and Pakistan could face pressure over Iran trade and finance. How badly could they be hit?

The US on Monday (Aug 24) launched the “Operation Economic Outcast” campaign to isolate Iran financially. However, the threatened secondary sanctions on countries and businesses dealing with the Islamic Republic have not yet been imposed. Washington has instead warned third parties to cut Iran-related activity or face sanctions. Treasury Secretary Scott Bessent said the US would give countries a “cure period” but warned that action could move quickly. Bessent described the campaign as an “economic onslaught” and an “economic D-Day”. A gradual action plan to put pressure on Iran The first phase sanctioned more than 60 individuals, entities and vessels and expanded sanctions risk across five sectors: digital assets, technology, gold, aviation and shipping. Targets were linked to Iran’s oil revenues, nuclear and missile technology procurement and cyber operations. Bessent warned that no one is above the reach of US sanctions. He also said the administration did not want to “blow up the global financial system”, adding the US was initially giving countries an opportunity to change course. Secondary sanctions could target foreign banks, companies, vessels and other facilitators involved in Iran-related oil, finance, shipping and other restricted activity. The most severe consequence could be exclusion from the US financial system and loss of access to dollar transactions and correspondent banking. Also read: 'We will block every source of revenue for Iran': Scott Bessent announces new sanctions after warning of ‘economic D-Day’ for Tehran China is the biggest concern for US when it comes to Iran trade China is the world’s largest buyer of Iranian oil. Most Iranian crude exports go to China, particularly independent “teapot” refineries — smaller, privately owned Chinese refineries that operate outside the major state-controlled oil companies and have been important buyers of discounted Iranian crude. The US has already sanctioned several Chinese teapot refineries, shipping companies and vessels involved in Iran’s oil trade. But the latest sanctions did not target major Chinese financial institutions, despite Washington warning that Chinese banks could face consequences. China has resisted unilateral US sanctions and has used yuan settlements, domestic financial channels and opaque shipping networks to maintain Iran trade. Any broader secondary sanctions could therefore hit Chinese refiners, banks, traders and shipping companies. The move could further complicate US-China trade relations. Targeting major Chinese banks would carry much wider financial consequences, which helps explain Washington’s cautious approach so far. How vulnerable is India to Iran-related US actions? India has historically had significant economic ties with Iran, but its exposure has fallen sharply since the US reimposed sanctions on Iranian oil. India largely stopped importing Iranian crude after 2019, reducing the risk to its overall economy. India-Iran trade is now much smaller than before 2019, with recent trade largely centred on non-oil goods. India has traditionally run a trade surplus with Iran through exports including rice, tea, pharmaceuticals and other products. The risk to India is therefore lower than to China, particularly because India has diversified its energy supplies and has previously adjusted its Iran trade to comply with US sanctions. However, Indian private companies could still be exposed. The sectors identified by Bessent — shipping, finance, gold, aviation, technology and digital assets — overlap with areas where Indian-linked entities have previously faced US sanctions for Iran-related activity. Indian banks and companies with US-dollar exposure, correspondent banking relationships or significant international operations are likely to be particularly cautious. They may avoid transactions involving designated Iranian banks and entities even without being directly sanctioned. India’s remaining economic interests in Iran, including trade in agricultural and pharmaceutical products and its strategic involvement in Chabahar Port, could therefore face greater US scrutiny. For India, the bigger immediate risk is likely to be individual companies rather than the Indian economy as a whole. New US measures could pressure firms involved in residual Iran-related shipping, finance, technology or other restricted activities. India’s diversified energy sources, reduced oil dependence and strategic partnership with Washington provide some cushion against broader economic disruption. Also read: US Treasury Secretary Bessent repeats Trump's 'Economic D-Day' threat as Iran warns US allies of 'act of war' Pakistan is stuck in the middle: Low trade with Iran but high dollar dependency Pakistan’s trade with Iran is smaller and more informal, covering oil, wheat, rice, livestock and medicines. Cross-border commerce uses barter and local-currency arrangements, limiting exposure to the formal dollar system. Nevertheless, Pakistani banks, traders, transport companies and other facilitators could face secondary-sanctions risks if they handle prohibited Iran-related transactions. Pakistan's vulnerability, however, comes from its dollar shortages, dependence on the IMF and exposure to international financial institutions. Also read: US says tougher Iran sanctions make large-scale war less likely; Tehran condemns 'economic terrorism' Turkey, Iraq and UAE maintain trade relations with Iran Turkey and Iraq have significant economic ties with Iran. Iraq has long traded Iranian gas for electricity, while Turkey remains an important importer of Iranian gas. The UAE has been a major hub for Iran-related trade, finance and logistics, although it has recently suspended many financial and economic transactions with Iran. Businesses and financial intermediaries in these countries could face scrutiny if they continue facilitating sanctioned activity. https://www.wionews.com/videos/trump-warns-nations-giving-any-economic-lifeline-to-iran-1787336156058/embed How effective are sanctions? Iran’s trade network extends far beyond its immediate neighbours Secondary sanctions do not automatically stop all trade. They increase the cost and risk of doing business with Iran, encouraging companies and banks to self-comply or develop alternative payment and shipping channels. The US does not need to sanction an entire country to impose economic pressure. It can target specific banks, companies, vessels and individuals that facilitate Iran-related activity. Those entities could then lose access to US dollars, correspondent banking and the wider US-linked financial system. Enforcement could therefore be selective, with the greatest pressure falling on businesses that still depend heavily on the US financial system. But dealing a blow to Iranian trade is not easy. It has survived decades of sanctions by using shadow fleets, exchange houses, front companies and financial intermediaries across Hong Kong, Singapore, Europe, Russia, China and the Gulf. Washington has already identified parts of this network, but Operation Economic Outcast suggests enforcement could widen further. Operation Economic Outcast could become a global economic pressure campaign rather than a measure confined to Iran. Its impact on China, Pakistan and India will depend on how aggressively Washington moves from warnings and diplomacy to actual secondary sanctions in the coming days and weeks.

America's “Operation Economic Outcast” targets Iran’s economic lifelines, with secondary sanctions threatening countries and businesses. China, India and Pakistan could face pressure over Iran trade and finance. How badly could they be hit?

'Operation Economic Outcast': How India, China, Pakistan could be hit by US 'Economic D Day' moves against Iran

US Treasury Secretary Scott Bessent on Monday (August 24) unveiled plans for the ‘economic asphyxiation’ of Iran, widening Washington's secondary sanctions campaign and warning countries that refuse to participate of potential consequences. Bessent's remarks came nearly six months into the war with Tehran, which has reached a stalemate amid stalled peace negotiations and Iran's restrictions on much of the traffic through the strategically vital Strait of Hormuz.&nbsp;"Around the globe, our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone," Bessent told a press conference on Monday. “We are going to hold everyone accountable, and this is economic asphyxiation of this regime.” Scott Bessent said countries that choose not to join the US sanctions campaign would "share in the isolation" of Iran. He also said President Trump was contacting world leaders to urge them to halt their dealings with Tehran.&nbsp;Also Read: <a href="https://www.wionews.com/world/iran-discovers-7-5-trillion-cubic-feet-of-natural-gas-amid-war-and-sanctions-gravitas-1787590491328">Iran discovers 7.5 trillion cubic feet of natural gas amid war and sanctions | Gravitas</a>&nbsp;The Treasury Department said on Monday (August 24) it had 'issued determinations against five critical sectors, digital assets, technology, gold, aviation, and shipping, that the Iranian regime uses to try to prop up its failing economy." Scott Bessent also warned that any entity "that facilitates money laundering on behalf of Iran will be removed from the US dollar system."&nbsp;Asked whether Chinese banks doing business with Iran could face sanctions, Scott Bessent responded that “no one is above the reach of US sanctions.” Earlier, Bessent described the escalating campaign against Tehran as an ‘economic D-Day’ in an opinion piece published by the Financial Times. The United States and Israel launched the Middle East war with a major wave of strikes against Iran on February 28, 2026, prompting Iranian retaliation across the region.

<blockquote class="twitter-tweet" data-media-max-width="560"><a href="https://x.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | Delhi | On US announces &#39;Operation Economic Outcast&#39; against Iran, Former Union Minister MJ Akbar says, &quot;The sanctions regime against Iran is a very old story. America has tried to do it very often... But the past has proved that any sanctions regime is very porous...… <a href="https://t.co/HUZBKsSAoW">pic.twitter.com/HUZBKsSAoW</a>&mdash; ANI (@ANI) <a href="https://x.com/ANI/status/2092238900224012296?ref_src=twsrc%5Etfw">August 25, 2026</a></blockquote> <script async src="https://platform.x.com/widgets.js" charset="utf-8"></script>

On US announces 'Operation Economic Outcast' against Iran, former Union Minister MJ Akbar said, "The sanctions regime against Iran is a very old story. America has tried to do it very often. But the past has proved that any sanctions regime is very porous. The most important story of the latest American sanctions regime has come not from Washington, but from Beijing. President Xi is going to be in Washington soon and yet, the moment the first murmur of sanctions emerged from America, China's spokesman said very clearly that China was not going to honour any American sanctions, then you can assume that its effectiveness will be extremely limited. I doubt whether Russia will join an American sanctions regime. As for the rest, Iran has shown the capacity to create a self-reliant economy. Iran has the capacity to meet its own needs to a large extent. At best, these sanctions will end up being a political bluster rather than an effective economic punishment."

US Treasury Secretary Scott Bessent vowed to cripple Iran’s economy as he outlined a major new pressure campaign against Tehran, nearly six months into a war that has settled into a stalemate

US Treasury Secretary Scott Bessent on Monday (August 24) unveiled plans for the ‘economic asphyxiation’ of Iran, widening Washington's secondary sanctions campaign and warning countries that refuse to participate of potential consequences. Bessent's remarks came nearly six months into the war with Tehran, which has reached a stalemate amid stalled peace negotiations and Iran's restrictions on much of the traffic through the strategically vital Strait of Hormuz. "Around the globe, our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone," Bessent told a press conference on Monday. “We are going to hold everyone accountable, and this is economic asphyxiation of this regime.” Scott Bessent said countries that choose not to join the US sanctions campaign would "share in the isolation" of Iran. He also said President Trump was contacting world leaders to urge them to halt their dealings with Tehran. Also Read: Iran discovers 7.5 trillion cubic feet of natural gas amid war and sanctions | Gravitas The Treasury Department said on Monday (August 24) it had 'issued determinations against five critical sectors, digital assets, technology, gold, aviation, and shipping, that the Iranian regime uses to try to prop up its failing economy." Scott Bessent also warned that any entity "that facilitates money laundering on behalf of Iran will be removed from the US dollar system." Asked whether Chinese banks doing business with Iran could face sanctions, Scott Bessent responded that “no one is above the reach of US sanctions.” Earlier, Bessent described the escalating campaign against Tehran as an ‘economic D-Day’ in an opinion piece published by the Financial Times. The United States and Israel launched the Middle East war with a major wave of strikes against Iran on February 28, 2026, prompting Iranian retaliation across the region.

US Treasury Secretary Scott Bessent vowed to cripple Iran’s economy as he outlined a major new pressure campaign against Tehran, nearly six months into a war that has settled into a stalemate

'We will block every source of revenue for Iran': Scott Bessent announces new sanctions after warning of ‘economic D-Day’ for Tehran

Sanctions were once Washington’s economic weapon of last resort. Under Donald Trump, they are becoming a recurring instrument of pressure, against adversaries, trading partners and countries accused of helping them. The latest test is Iran, where Washington is betting that unprecedented economic pressure can succeed where military and diplomatic pressure have struggled. Treasury Secretary Scott Bessent says the United States is preparing measures unlike anything imposed before, while Defence Secretary Pete Hegseth says the naval blockade can be sustained indefinitely.&nbsp;The objective is simple: squeeze Iran until the cost of defiance becomes unbearable. But there is a fundamental weakness in the strategy: economic pain does not automatically produce political surrender. Iran has endured years of sanctions and is now adapting again, even as the pressure damages its economy. Trump’s broader approach increasingly places tariffs and sanctions in the same coercive toolbox: raise the cost of access to American markets, finance and trade, then use that pain to force concessions. But that strategy carries a paradox. The more Washington weaponises economic power, the greater the incentive for others to build alternatives.&nbsp;India is expanding trade relationships and seeking greater resilience in payments and supply chains. Europe, meanwhile, is increasingly looking at ways to reduce its vulnerability to American economic pressure. The point is not that these countries can simply replace the United States. They cannot. The point is that dependence creates leverage, and repeated coercion creates an incentive to reduce that dependence.&nbsp;<a href="https://www.wionews.com/videos/us-iran-war-is-trump-weakening-america-s-most-powerful-economic-weapon-1786727736520/embed">https://www.wionews.com/videos/us-iran-war-is-trump-weakening-america-s-most-powerful-economic-weapon-1786727736520/embed</a>&nbsp;That is where the credibility of sanctions becomes critical. Sanctions work best when governments believe the rules are predictable, the coalition imposing them is durable and the cost of defiance outweighs the cost of compliance. If tariffs and sanctions are deployed too frequently, their shock can diminish, and countries have more reason to find workarounds. There is another problem: America itself pays a price. The Iran conflict has disrupted energy markets and pushed fuel costs higher, creating domestic pressure on Trump to deliver a result Americans can see as a win.&nbsp;So, will sanctions bring relief to the United States? They can hurt adversaries. They can restrict trade, raise costs and squeeze governments. But if they fail to change behaviour while encouraging the world to diversify away from American economic power, Washington may win the battle and weaken its leverage for the next one.&nbsp;The real question is not whether America can impose sanctions. It is whether America can keep weaponising economic power without making the world less dependent on America. Because when a weapon is used too often, the target eventually learns how to dodge the blow. That is the verdict.

Trump’s sanctions strategy against Iran could deliver economic pressure, but repeated coercion may weaken US leverage and accelerate global diversification

Sanctions were once Washington’s economic weapon of last resort. Under Donald Trump, they are becoming a recurring instrument of pressure, against adversaries, trading partners and countries accused of helping them. The latest test is Iran, where Washington is betting that unprecedented economic pressure can succeed where military and diplomatic pressure have struggled. Treasury Secretary Scott Bessent says the United States is preparing measures unlike anything imposed before, while Defence Secretary Pete Hegseth says the naval blockade can be sustained indefinitely. The objective is simple: squeeze Iran until the cost of defiance becomes unbearable. But there is a fundamental weakness in the strategy: economic pain does not automatically produce political surrender. Iran has endured years of sanctions and is now adapting again, even as the pressure damages its economy. Trump’s broader approach increasingly places tariffs and sanctions in the same coercive toolbox: raise the cost of access to American markets, finance and trade, then use that pain to force concessions. But that strategy carries a paradox. The more Washington weaponises economic power, the greater the incentive for others to build alternatives. India is expanding trade relationships and seeking greater resilience in payments and supply chains. Europe, meanwhile, is increasingly looking at ways to reduce its vulnerability to American economic pressure. The point is not that these countries can simply replace the United States. They cannot. The point is that dependence creates leverage, and repeated coercion creates an incentive to reduce that dependence. https://www.wionews.com/videos/us-iran-war-is-trump-weakening-america-s-most-powerful-economic-weapon-1786727736520/embed That is where the credibility of sanctions becomes critical. Sanctions work best when governments believe the rules are predictable, the coalition imposing them is durable and the cost of defiance outweighs the cost of compliance. If tariffs and sanctions are deployed too frequently, their shock can diminish, and countries have more reason to find workarounds. There is another problem: America itself pays a price. The Iran conflict has disrupted energy markets and pushed fuel costs higher, creating domestic pressure on Trump to deliver a result Americans can see as a win. So, will sanctions bring relief to the United States? They can hurt adversaries. They can restrict trade, raise costs and squeeze governments. But if they fail to change behaviour while encouraging the world to diversify away from American economic power, Washington may win the battle and weaken its leverage for the next one. The real question is not whether America can impose sanctions. It is whether America can keep weaponising economic power without making the world less dependent on America. Because when a weapon is used too often, the target eventually learns how to dodge the blow. That is the verdict.

Trump’s expanding sanctions strategy may pressure Iran, but repeated economic coercion could weaken US leverage by pushing countries toward alternatives

The Verdict: America's sanctions are losing their bite

US Treasury Secretary Scott Bessent, responding to the concerns about Trump's over $1bn crypto asset, said that he did not consider it to be a problem. In a financial disclosure released earlier this week, US President Donald Trump has earned approximately $1.4 billion from his crypto ventures since the beginning of his second term in January 2025. These include memecoin, $TRUMP and earnings from World Liberty Financial a cryptocurrency firm backed by US President Trump and his family."I don't think there's an appearance problem," said Bessent to CBS News. "This is an innovation presidency," he added. "So whether it's digital access, whether it's AI, whether it's everything that is going on in the tech ecosystem that, you know, all Americans are benefiting from that."White House Spokesperson Anna Kelly told CBS News on Tuesday that “there are no conflicts of interest”.Also Read: <a href="https://www.wionews.com/world/american-independence-day-2025-wishes-status-quotes-and-images-1751517784088">Happy American Independence Day 2025: Best wishes, status, quotes and images to share online</a><h2>Bessent said public stocks on Trump accounts&nbsp;</h2>Discussing tax-deferred Trump accounts, Bessent said that people will be able to contribute to public stocks into the account. Bessent claimed that it is a tool to create “financial literacy”."Thirty-eight per cent of American households have no investment in our great equity markets, and we want everyone to share, you know, in the bounty that is the US," said Bessent.&nbsp;This is a federal program launched earlier and will be effective on July 4. It allows children under 18 to invest money in the stock market and build savings. He said they had already opened over 6 million accounts and that there are about 70 million eligible children in the United States. Any child born between January 1, 2025, and December 31, 2028, will get a $1000 seed investment, and while private philanthropist and shareholders can donate their stocks to the Trump accounts of single children or donate to a designated group/pool of eligible children, such as low-income youth or specific communities and then these again will be invested into the stock market.&nbsp;"In our innovation and our capital markets, and, you know, the economic engine, the greatest in the history of the world. So, you know, over time, I would think that that 38% number would move toward zero. And then the other thing, too, is financial literacy," said BessentHowever, critics warn that it has a massive loophole which allows wealthy investors to donate stocks to reduce exposure to federal estate tax and capital gains tax, fundamentally recycling the profit without paying taxes.

US Treasury Secretary Scott Bessent defended Donald Trump's $1.4 billion crypto earnings, rejected conflict concerns and promoted new Trump Accounts despite criticism.

US Treasury Secretary Scott Bessent, responding to the concerns about Trump's over $1bn crypto asset, said that he did not consider it to be a problem. In a financial disclosure released earlier this week, US President Donald Trump has earned approximately $1.4 billion from his crypto ventures since the beginning of his second term in January 2025. These include memecoin, $TRUMP and earnings from World Liberty Financial a cryptocurrency firm backed by US President Trump and his family. "I don't think there's an appearance problem," said Bessent to CBS News. "This is an innovation presidency," he added. "So whether it's digital access, whether it's AI, whether it's everything that is going on in the tech ecosystem that, you know, all Americans are benefiting from that." White House Spokesperson Anna Kelly told CBS News on Tuesday that “there are no conflicts of interest”. Also Read: Happy American Independence Day 2025: Best wishes, status, quotes and images to share online Bessent said public stocks on Trump accounts Discussing tax-deferred Trump accounts, Bessent said that people will be able to contribute to public stocks into the account. Bessent claimed that it is a tool to create “financial literacy”. "Thirty-eight per cent of American households have no investment in our great equity markets, and we want everyone to share, you know, in the bounty that is the US," said Bessent. This is a federal program launched earlier and will be effective on July 4. It allows children under 18 to invest money in the stock market and build savings. He said they had already opened over 6 million accounts and that there are about 70 million eligible children in the United States. Any child born between January 1, 2025, and December 31, 2028, will get a $1000 seed investment, and while private philanthropist and shareholders can donate their stocks to the Trump accounts of single children or donate to a designated group/pool of eligible children, such as low-income youth or specific communities and then these again will be invested into the stock market. "In our innovation and our capital markets, and, you know, the economic engine, the greatest in the history of the world. So, you know, over time, I would think that that 38% number would move toward zero. And then the other thing, too, is financial literacy," said Bessent However, critics warn that it has a massive loophole which allows wealthy investors to donate stocks to reduce exposure to federal estate tax and capital gains tax, fundamentally recycling the profit without paying taxes.

US Treasury Secretary Scott Bessent defended Donald Trump's $1.4 billion crypto earnings, rejected conflict concerns and promoted new Trump Accounts despite criticism.

Bessent defends Trump's $1.4 billion crypto earnings, rejects conflict claims

US Treasury Secretary Scott Bessent warned on Thursday that Iran could be forced to pay for the damages caused to Gulf allies in its attacks, and for that the frozen Iranian assets may become part of Washington’s strategy to punish the Iranian regime. The United States is increasing its financial pressure on Tehran as the conflict seems to be entering a dangerous new phase.&nbsp;The new move to pressure Iran comes at a time when diplomacy and escalation are moving side by side. President Donald Trump threatened very hard strikes on Iran on Thursday and warned that the US will takeover Tehran’s oil market like it did with Venezuela.&nbsp;Also Read: <a href="https://www.wionews.com/world/trump-nominates-former-sec-chairman-jay-clayton-to-replace-tulsi-gabbard-as-next-director-of-national-intelligence-1781201971661">Trump nominates former SEC Chairman Jay Clayton to replace Tulsi Gabbard as next director of national intelligence</a>&nbsp;Bessent said in a post on X that Iran would ultimately bear the cost of any attacks carried out against countries aligned with Washington in the Gulf.&nbsp;“The Iranian regime will lose the zero-sum game it is playing. Any damage it inflicts on our allies in the Gulf will be paid for with funds extracted from Iranian Accounts,” Bessent wrote.“Any tolls paid to the Persian Gulf Strait Authority will be offset by funds extracted from their accounts. Every attack Iran launches will only deepen the economic and financial consequences it faces,” he added.&nbsp;Also Read: <a href="https://www.wionews.com/world/16-killed-over-30-injured-as-pakistani-forces-open-fire-on-protesters-in-pakistan-occupied-kashmir-1781193970614">16 killed, over 30 injured as Pakistani forces open fire on protesters in Pakistan-occupied Kashmir</a><h2>Iran rejects idea of its frozen assets being used for compensation</h2>&nbsp;Iranian officials rejected the idea that their frozen assets could be used to fund reconstruction projects or compensation payments elsewhere in the region.&nbsp;Deputy Foreign Minister Kazem Gharibabadi said regional governments had no right to demand reparations from Tehran. “Iran’s assets were neither war spoils for Washington nor a payment fund for its allies,” he said in a post on X.&nbsp;Also Read: <a href="https://www.wionews.com/world/will-hit-iran-very-hard-tonight-warns-trump-says-us-will-take-over-kharg-island-oil-exports-like-venezuela-1781182164117">‘Will hit Iran very hard tonight,’ warns Trump, says US will take over Kharg Island, oil exports like Venezuela</a>&nbsp;Gharibabadi warned that any seizure, transfer or allocation of Iranian assets without Tehran’s approval would constitute a new internationally wrongful act and would trigger an “appropriate response” from Iran.&nbsp;As the war drags on, billions of dollars in frozen Iranian assets are appearing as the currency of peace between the US and Iran.

Iranian officials rejected the idea that their frozen assets could be used to fund reconstruction projects or compensation payments elsewhere in the region. Deputy Foreign Minister Kazem Gharibabadi said regional governments had no right to demand reparations from Tehran.

US Treasury Secretary Scott Bessent warned on Thursday that Iran could be forced to pay for the damages caused to Gulf allies in its attacks, and for that the frozen Iranian assets may become part of Washington’s strategy to punish the Iranian regime. The United States is increasing its financial pressure on Tehran as the conflict seems to be entering a dangerous new phase. The new move to pressure Iran comes at a time when diplomacy and escalation are moving side by side. President Donald Trump threatened very hard strikes on Iran on Thursday and warned that the US will takeover Tehran’s oil market like it did with Venezuela. Also Read: Trump nominates former SEC Chairman Jay Clayton to replace Tulsi Gabbard as next director of national intelligence Bessent said in a post on X that Iran would ultimately bear the cost of any attacks carried out against countries aligned with Washington in the Gulf. “The Iranian regime will lose the zero-sum game it is playing. Any damage it inflicts on our allies in the Gulf will be paid for with funds extracted from Iranian Accounts,” Bessent wrote. “Any tolls paid to the Persian Gulf Strait Authority will be offset by funds extracted from their accounts. Every attack Iran launches will only deepen the economic and financial consequences it faces,” he added. Also Read: 16 killed, over 30 injured as Pakistani forces open fire on protesters in Pakistan-occupied Kashmir Iran rejects idea of its frozen assets being used for compensation Iranian officials rejected the idea that their frozen assets could be used to fund reconstruction projects or compensation payments elsewhere in the region. Deputy Foreign Minister Kazem Gharibabadi said regional governments had no right to demand reparations from Tehran. “Iran’s assets were neither war spoils for Washington nor a payment fund for its allies,” he said in a post on X. Also Read: ‘Will hit Iran very hard tonight,’ warns Trump, says US will take over Kharg Island, oil exports like Venezuela Gharibabadi warned that any seizure, transfer or allocation of Iranian assets without Tehran’s approval would constitute a new internationally wrongful act and would trigger an “appropriate response” from Iran. As the war drags on, billions of dollars in frozen Iranian assets are appearing as the currency of peace between the US and Iran.

Iranian officials rejected the idea that their frozen assets could be used to fund reconstruction projects or compensation payments elsewhere in the region. Deputy Foreign Minister Kazem Gharibabadi said regional governments had no right to demand reparations from Tehran.

‘US will use Iran’s frozen funds to pay for damages inflicted on Gulf allies’: Scott Bessent

US Treasury Secretary Scott Bessent said on Wednesday that China has shown a strong interest in purchasing additional Boeing planes, adding that the Trump administration intends to raise the matter during Chinese President Xi Jinping's expected visit to the United States in September. “They agreed to 200 aeroplanes during the visit. We will see if they commit to a larger number when Xi Jinping arrives in Washington,” Bessent stated in his budget request testimony to the Senate Finance Committee. China’s agreement to acquire 200 Boeing planes was among the major outcomes of US President Donald Trump's visit to Beijing last month. The White House described the deal as an “initial purchase," suggesting the possibility of further orders in the future. According to Saurabh Gupta, Resident Senior Fellow at the Institute for China-America Studies, the Boeing deal was closely linked to the continued supply of engines and components required for China’s domestically developed C919 passenger aircraft programme. “Once there is sufficient trust in the assurance of flow, the number of Boeing jet purchases could reach up to an additional 500-550 more,” he predicted. Bessent’s statement followed a day after the US Trade Representative’s office declared a public comment process related to the newly created US-China Board of Trade, a method to manage bilateral trade between the two biggest economies of the world.&nbsp;Also read: <a href="https://www.wionews.com/world/patients-at-risk-pakistan-s-public-healthcare-under-pressure-as-hospitals-face-rs-2-2-billion-debt-crisis-1780574315869">Patients at risk? Pakistan's public healthcare under pressure as hospitals face Rs 2.2 billion debt crisis</a><h3>Investors' disappointment over deal</h3>Meanwhile, days ago, investors had expressed disappointment over the size of the Boeing deal, considering it as smaller than a nearly 500-plane package, according to Reuters. But at a US conference, the planemaker's CEO, Kelly Ortberg, stated that his trip to China alongside Trump ​had been "super successful" and reopened the market to the narrowbody planes of Boeing. This marks the first time in nearly ⁠a decade since an effective order freeze due to trade tensions between Washington and Beijing. "It's a good start. And I'm very confident ​that keeping that market open, that's an initial tranche of aircraft, and there will be more to come," Ortberg said. According to a source familiar with the matter, the commitment to purchase 200 aircraft represents a completely new agreement and does not include any previously undisclosed orders. The source also noted that delivery timelines for the jets have not yet been finalised.

China's decision to purchase 200 Boeing aircraft emerged as one of the key outcomes of US President Donald Trump's visit to Beijing last month. The White House termed the agreement an “initial purchase,” indicating that additional orders could follow in the future.

US Treasury Secretary Scott Bessent said on Wednesday that China has shown a strong interest in purchasing additional Boeing planes, adding that the Trump administration intends to raise the matter during Chinese President Xi Jinping's expected visit to the United States in September. “They agreed to 200 aeroplanes during the visit. We will see if they commit to a larger number when Xi Jinping arrives in Washington,” Bessent stated in his budget request testimony to the Senate Finance Committee. China’s agreement to acquire 200 Boeing planes was among the major outcomes of US President Donald Trump's visit to Beijing last month. The White House described the deal as an “initial purchase," suggesting the possibility of further orders in the future. According to Saurabh Gupta, Resident Senior Fellow at the Institute for China-America Studies, the Boeing deal was closely linked to the continued supply of engines and components required for China’s domestically developed C919 passenger aircraft programme. “Once there is sufficient trust in the assurance of flow, the number of Boeing jet purchases could reach up to an additional 500-550 more,” he predicted. Bessent’s statement followed a day after the US Trade Representative’s office declared a public comment process related to the newly created US-China Board of Trade, a method to manage bilateral trade between the two biggest economies of the world. Also read: Patients at risk? Pakistan's public healthcare under pressure as hospitals face Rs 2.2 billion debt crisis Investors' disappointment over deal Meanwhile, days ago, investors had expressed disappointment over the size of the Boeing deal, considering it as smaller than a nearly 500-plane package, according to Reuters. But at a US conference, the planemaker's CEO, Kelly Ortberg, stated that his trip to China alongside Trump had been "super successful" and reopened the market to the narrowbody planes of Boeing. This marks the first time in nearly ⁠a decade since an effective order freeze due to trade tensions between Washington and Beijing. "It's a good start. And I'm very confident that keeping that market open, that's an initial tranche of aircraft, and there will be more to come," Ortberg said. According to a source familiar with the matter, the commitment to purchase 200 aircraft represents a completely new agreement and does not include any previously undisclosed orders. The source also noted that delivery timelines for the jets have not yet been finalised.

China's decision to purchase 200 Boeing aircraft emerged as one of the key outcomes of US President Donald Trump's visit to Beijing last month. The White House termed the agreement an “initial purchase,” indicating that additional orders could follow in the future.

After 200-plane deal, China eyeing more Boeing jets from US ahead of Xi Jinping's Washington visit

US Treasury Secretary Scott Bessent said that the US has "outright grabbed the wallets" worth $1billion in Iranian cryptocurrency assets as part of Washington's economic pressure campaign against Tehran. While speaking on Fox Business' "Kudlow" during the Regan National Economic Forum, Bessent said that US sanctions and seizure efforts under the “Operation Economic Fury” have pushed Iran into a financial crisis."I think between five and a half-six weeks of an incredibly successful military campaign and then Operation Economic Fury, where we have really cut them off…they are at the end of their tether now financially,"The figure represents the total seized amount, not a single new activity. This includes a $344 million freeze of Tether (USDT) on the Tron blockchain in late April 2026, followed by a total of nearly $500 million reported later that month. "We have seized about a billion dollars of their crypto," he told FOX Business. "Just outright grabbed the wallets. Some of them may be typing in right now and might not realise their wallet had been grabbed."&nbsp;Also Read: <a href="https://www.wionews.com/world/us-sanctions-iran-drone-missile-network-china-uae-belarus-1778309174036">US sanctions 10 individuals, companies across 5 countries over Iran missile and drone program</a><h3>Operation Economic Fury&nbsp;</h3>The effort was launched in March 2025 and has crippled Tehran's financial lifelines by seizing Iranian assets, bank accounts and pressuring foreign governments to cut ties with the nation. "We are working with our allies all over Europe to grab villas and houses and properties," Bessent claimed. "And this is money that's stolen from the Iranian people." Iran has historically utilised stablecoins to move hundreds of millions of dollars per month to evade traditional oil and military sanctions.&nbsp;"We did not have regime change, but we changed the regime," Bessent said. "The first level leaders were decapitated, the second level decapitated. So, we're dealing with the third level." He elaborated that there are two sets of authorities: on one side, the clerical hierarchy, and on the other, the IRGC. He further added that Iran has isolated itself by targeting the GCC states, which were supposedly more open now to disclosing financial ties linked to Iranian oil.&nbsp;

US Treasury Secretary Scott Bessent says Washington has seized nearly $1 billion in Iranian cryptocurrency assets under Operation Economic Fury, intensifying economic pressure on Tehran.

US Treasury Secretary Scott Bessent said that the US has "outright grabbed the wallets" worth $1billion in Iranian cryptocurrency assets as part of Washington's economic pressure campaign against Tehran. While speaking on Fox Business' "Kudlow" during the Regan National Economic Forum, Bessent said that US sanctions and seizure efforts under the “Operation Economic Fury” have pushed Iran into a financial crisis. "I think between five and a half-six weeks of an incredibly successful military campaign and then Operation Economic Fury, where we have really cut them off…they are at the end of their tether now financially," The figure represents the total seized amount, not a single new activity. This includes a $344 million freeze of Tether (USDT) on the Tron blockchain in late April 2026, followed by a total of nearly $500 million reported later that month. "We have seized about a billion dollars of their crypto," he told FOX Business. "Just outright grabbed the wallets. Some of them may be typing in right now and might not realise their wallet had been grabbed." Also Read: US sanctions 10 individuals, companies across 5 countries over Iran missile and drone program Operation Economic Fury The effort was launched in March 2025 and has crippled Tehran's financial lifelines by seizing Iranian assets, bank accounts and pressuring foreign governments to cut ties with the nation. "We are working with our allies all over Europe to grab villas and houses and properties," Bessent claimed. "And this is money that's stolen from the Iranian people." Iran has historically utilised stablecoins to move hundreds of millions of dollars per month to evade traditional oil and military sanctions. "We did not have regime change, but we changed the regime," Bessent said. "The first level leaders were decapitated, the second level decapitated. So, we're dealing with the third level." He elaborated that there are two sets of authorities: on one side, the clerical hierarchy, and on the other, the IRGC. He further added that Iran has isolated itself by targeting the GCC states, which were supposedly more open now to disclosing financial ties linked to Iranian oil.

US Treasury Secretary Scott Bessent says Washington has seized nearly $1 billion in Iranian cryptocurrency assets under Operation Economic Fury, intensifying economic pressure on Tehran.

US seized $1 billion in Iranian crypto assets, 'outright grabbed the wallets': Bessent

President Donald Trump could soon feature on a proposed new $250 bill, in what critics say would mark another break from long-standing US traditions by placing a living president on American currency. The proposal, first reported by the Washington Post, would make Trump the first living person in more than 150 years to appear on US paper money if approved by Congress. Speaking at a media briefing on Thursday (May 28), US Treasury Secretary Scott Bessent confirmed discussions around the proposal. "Right now, there is proposed legislation, front of the House, in front of the Senate, to change the first requirement so that a living person, Donald J. Trump, could be on a $250 bill," Bessent said.&nbsp;"I don't think that there's anything untoward about having the President of the United States, the person who's president of the United States, on the 250th anniversary bill," Bessent said. According to reports, the proposed design includes the words ‘America 250 anniversary’, referencing the upcoming 250th anniversary of US independence on July 4, 2026. Bessent said Treasury officials had already begun preliminary planning should lawmakers approve the measure, but stressed that officials 'will stick to the law'.&nbsp;Also Read: <a href="https://www.wionews.com/world/treasury-secretary-scott-bessent-issues-sanctions-warning-to-oman-over-strait-of-hormuz-toll-says-any-willing-partners-will-be-penalised-1779994666160">Treasury Secretary Scott Bessent issues sanctions warning to Oman over Strait of Hormuz toll, says 'any willing partners will be penalised'</a>&nbsp;The Washington Post reported that two Trump-appointed Treasury officials encouraged staff at the Bureau of Engraving and Printing to prepare prototype designs last year. Current federal law prohibits living presidents from appearing on US currency, raising legal concerns among bureau employees who spoke anonymously to the newspaper. A Treasury spokeswoman told AFP that the Bureau of Engraving and Printing is conducting appropriate planning and due diligence in response to the proposal. She also clarified that US Treasurer Brandon Beach had not directed staff to print the bill before any congressional approval.&nbsp;The report said bureau director Patricia Solimene raised concerns over legal and procedural barriers before being reassigned from her role. The proposed bill is the latest in a series of moves by the Trump administration to place the president’s image and branding across US institutions and commemorative projects. Earlier this year, the US Commission of Fine Arts approved plans for a commemorative ‘Semiquincentennial Gold Coin’ featuring Trump-linked branding tied to America’s 250th anniversary celebrations.&nbsp;<a href="https://www.wionews.com/videos/google-engineer-accused-of-using-confidential-data-for-betting-1779980443932/embed">https://www.wionews.com/videos/google-engineer-accused-of-using-confidential-data-for-betting-1779980443932/embed</a>&nbsp;Trump’s name has also been added to institutions, including the John F. Kennedy Center for the Performing Arts and the US Institute of Peace, while banners bearing his likeness have appeared at federal departments. The legislation allowing Trump to appear on the $250 bill was introduced in Congress last year but has not advanced. Democrats sharply criticised the proposal, with Senator Mark Warner calling it an attempt at blatantly 'stoking the president's ego'.

Donald Trump may appear on a proposed $250 bill tied to America’s 250th anniversary, sparking legal debate, political backlash, and national attention

President Donald Trump could soon feature on a proposed new $250 bill, in what critics say would mark another break from long-standing US traditions by placing a living president on American currency. The proposal, first reported by the Washington Post, would make Trump the first living person in more than 150 years to appear on US paper money if approved by Congress. Speaking at a media briefing on Thursday (May 28), US Treasury Secretary Scott Bessent confirmed discussions around the proposal. "Right now, there is proposed legislation, front of the House, in front of the Senate, to change the first requirement so that a living person, Donald J. Trump, could be on a $250 bill," Bessent said. "I don't think that there's anything untoward about having the President of the United States, the person who's president of the United States, on the 250th anniversary bill," Bessent said. According to reports, the proposed design includes the words ‘America 250 anniversary’, referencing the upcoming 250th anniversary of US independence on July 4, 2026. Bessent said Treasury officials had already begun preliminary planning should lawmakers approve the measure, but stressed that officials 'will stick to the law'. Also Read: Treasury Secretary Scott Bessent issues sanctions warning to Oman over Strait of Hormuz toll, says 'any willing partners will be penalised' The Washington Post reported that two Trump-appointed Treasury officials encouraged staff at the Bureau of Engraving and Printing to prepare prototype designs last year. Current federal law prohibits living presidents from appearing on US currency, raising legal concerns among bureau employees who spoke anonymously to the newspaper. A Treasury spokeswoman told AFP that the Bureau of Engraving and Printing is conducting appropriate planning and due diligence in response to the proposal. She also clarified that US Treasurer Brandon Beach had not directed staff to print the bill before any congressional approval. The report said bureau director Patricia Solimene raised concerns over legal and procedural barriers before being reassigned from her role. The proposed bill is the latest in a series of moves by the Trump administration to place the president’s image and branding across US institutions and commemorative projects. Earlier this year, the US Commission of Fine Arts approved plans for a commemorative ‘Semiquincentennial Gold Coin’ featuring Trump-linked branding tied to America’s 250th anniversary celebrations. https://www.wionews.com/videos/google-engineer-accused-of-using-confidential-data-for-betting-1779980443932/embed Trump’s name has also been added to institutions, including the John F. Kennedy Center for the Performing Arts and the US Institute of Peace, while banners bearing his likeness have appeared at federal departments. The legislation allowing Trump to appear on the $250 bill was introduced in Congress last year but has not advanced. Democrats sharply criticised the proposal, with Senator Mark Warner calling it an attempt at blatantly 'stoking the president's ego'.

US President Donald Trump could appear on a proposed $250 bill under new legislation, sparking legal concerns and criticism from Democrats

Trump could become first living president to be featured on new $250 bill in 150 years

US Treasury Secretary Scott Bessent on Thursday (May 28) warned Oman against supporting any tolling system in the Strait of Hormuz, saying Washington could impose sanctions on all parties involved. In a post on X, Bessent said, “Oman, in particular, should know that the US Treasury will aggressively target any actors involved, directly or indirectly, in facilitating tolls for the Strait and any willing partners will be penalized.” He added that the United States would not tolerate any effort to impose a tolling system in the Strait of Hormuz, referring to Iranian proposals linked to a possible agreement with Washington.&nbsp;Later, during a White House press briefing, Bessent revealed that he had spoken with the Omani ambassador earlier in the day and received assurances that there were no plans for tolling the strategic waterway. "I told him that this was a non-starter and he did not want to risk either the Oman individuals or Omani financial institutions getting sanctioned," Bessent said. The Strait of Hormuz, a critical global shipping route through which roughly one-fifth of the world’s energy supply passes, has become increasingly tense since the United States and Israel launched military operations against Iran in late February.&nbsp;Also Read: <a href="https://www.wionews.com/world/netanyahu-orders-israeli-military-to-take-control-over-70-of-gaza-territory-1779993285046">Netanyahu orders Israeli military to take control over 70% of Gaza territory</a>&nbsp;Iran’s retaliatory measures have intensified instability across the region and significantly disrupted movement through the strait, causing sharp increases in global energy and fertilizer prices. Oman had previously acted as a mediator between Washington and Tehran during talks held in Geneva before the conflict escalated. The Gulf nation has also reportedly faced attacks linked to Iran during the crisis.&nbsp;On Wednesday, US President Donald Trump appeared to issue a warning involving Oman while responding to questions about a possible temporary arrangement allowing Oman and Iran to oversee the Strait of Hormuz. Trump said he would ‘blow them up’ if Muscat moved ahead with such a plan. The White House did not immediately clarify whether Trump intended to refer to Iran instead of Oman.&nbsp;<a href="https://www.wionews.com/videos/iran-deal-hinges-on-gulf-states-signing-abraham-accords-1779963342215/embed">https://www.wionews.com/videos/iran-deal-hinges-on-gulf-states-signing-abraham-accords-1779963342215/embed</a>&nbsp;Bessent’s remarks came shortly after the US Treasury announced sanctions against Iran’s newly established ‘Persian Gulf Strait Authority’, an agency tasked with collecting fees from vessels passing through the Strait of Hormuz. Washington also warned that any entity paying those fees could face sanctions exposure because they may be providing support to and receiving services from Iran’s Revolutionary Guards.&nbsp;Meanwhile, the United States and Iran accused each other on Thursday of violating an ongoing truce after exchanging fire in the region, marking the most serious confrontation since both sides agreed to a ceasefire in April. Indirect negotiations aimed at ending the conflict have continued through international mediators, but so far, no breakthrough has been achieved.<h2>US to block Iranian airlines’ access to landing slots, refueling, and ticket sales: Scott Bessent</h2>US Treasury Secretary Scott Bessent said on Thursday that Washington plans to block Iranian airlines from accessing landing slots, refueling services, and ticket sales as part of increased pressure on Tehran and efforts to reopen the Strait of Hormuz. In a post on X, Bessent said the United States will be shutting down both Iranian airlines' access to landing spots, refueling, and ticket sales, though he did not identify the airlines involved. "Only a satisfactory outcome in negotiations will end the downward spiral," he warned.&nbsp;While Bessent did not specify which carriers were being targeted, Iran’s national airline, Iran Air, has previously faced sanctions from the US State Department. Iran’s Mahan Air has also been repeatedly targeted under US sanctions measures. Speaking later at a press briefing on Thursday, Bessent clarified that the restrictions would not affect religious travel. "We’re not going to restrict movement for religious reasons, so Iranians who want to make the pilgrimage to Mecca or Medina will be allowed," he said. "We will also allow valid humanitarian reasons," he added.&nbsp;Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations, and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos, and videos.

US Treasury Secretary Scott Bessent warns Oman against supporting Strait of Hormuz tolls, threatening sanctions amid rising Iran tensions

US Treasury Secretary Scott Bessent on Thursday (May 28) warned Oman against supporting any tolling system in the Strait of Hormuz, saying Washington could impose sanctions on all parties involved. In a post on X, Bessent said, “Oman, in particular, should know that the US Treasury will aggressively target any actors involved, directly or indirectly, in facilitating tolls for the Strait and any willing partners will be penalized.” He added that the United States would not tolerate any effort to impose a tolling system in the Strait of Hormuz, referring to Iranian proposals linked to a possible agreement with Washington. Later, during a White House press briefing, Bessent revealed that he had spoken with the Omani ambassador earlier in the day and received assurances that there were no plans for tolling the strategic waterway. "I told him that this was a non-starter and he did not want to risk either the Oman individuals or Omani financial institutions getting sanctioned," Bessent said. The Strait of Hormuz, a critical global shipping route through which roughly one-fifth of the world’s energy supply passes, has become increasingly tense since the United States and Israel launched military operations against Iran in late February. Also Read: Netanyahu orders Israeli military to take control over 70% of Gaza territory Iran’s retaliatory measures have intensified instability across the region and significantly disrupted movement through the strait, causing sharp increases in global energy and fertilizer prices. Oman had previously acted as a mediator between Washington and Tehran during talks held in Geneva before the conflict escalated. The Gulf nation has also reportedly faced attacks linked to Iran during the crisis. On Wednesday, US President Donald Trump appeared to issue a warning involving Oman while responding to questions about a possible temporary arrangement allowing Oman and Iran to oversee the Strait of Hormuz. Trump said he would ‘blow them up’ if Muscat moved ahead with such a plan. The White House did not immediately clarify whether Trump intended to refer to Iran instead of Oman. https://www.wionews.com/videos/iran-deal-hinges-on-gulf-states-signing-abraham-accords-1779963342215/embed Bessent’s remarks came shortly after the US Treasury announced sanctions against Iran’s newly established ‘Persian Gulf Strait Authority’, an agency tasked with collecting fees from vessels passing through the Strait of Hormuz. Washington also warned that any entity paying those fees could face sanctions exposure because they may be providing support to and receiving services from Iran’s Revolutionary Guards. Meanwhile, the United States and Iran accused each other on Thursday of violating an ongoing truce after exchanging fire in the region, marking the most serious confrontation since both sides agreed to a ceasefire in April. Indirect negotiations aimed at ending the conflict have continued through international mediators, but so far, no breakthrough has been achieved. US to block Iranian airlines’ access to landing slots, refueling, and ticket sales: Scott Bessent US Treasury Secretary Scott Bessent said on Thursday that Washington plans to block Iranian airlines from accessing landing slots, refueling services, and ticket sales as part of increased pressure on Tehran and efforts to reopen the Strait of Hormuz. In a post on X, Bessent said the United States will be shutting down both Iranian airlines' access to landing spots, refueling, and ticket sales, though he did not identify the airlines involved. "Only a satisfactory outcome in negotiations will end the downward spiral," he warned. While Bessent did not specify which carriers were being targeted, Iran’s national airline, Iran Air, has previously faced sanctions from the US State Department. Iran’s Mahan Air has also been repeatedly targeted under US sanctions measures. Speaking later at a press briefing on Thursday, Bessent clarified that the restrictions would not affect religious travel. "We’re not going to restrict movement for religious reasons, so Iranians who want to make the pilgrimage to Mecca or Medina will be allowed," he said. "We will also allow valid humanitarian reasons," he added. Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations, and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos, and videos.

US warns Oman of sanctions over any Strait of Hormuz toll plan as tensions with Iran escalate and ceasefire violations emerge

Treasury Secretary Scott Bessent issues sanctions warning to Oman over Strait of Hormuz toll, says 'any willing partners will be penalised'

The United States Treasury has extended a sanctions waiver allowing purchases of Russian seaborne oil for another 30 days to support “energy-vulnerable” countries affected by disruptions in Gulf oil supplies.&nbsp;Announcing the decision on Monday, Scott Bessent said the extension would provide flexibility to countries facing supply shortages.&nbsp;“This extension will provide additional flexibility, and we will work with these nations to provide specific licenses as needed. This general license will help stabilise the physical crude market and ensure oil reaches the most energy-vulnerable countries,” Bessent said in a post on X.&nbsp;“It will also help reroute existing supply to countries most in need by reducing China’s ability to stockpile discounted oil,” he added.

<blockquote class="twitter-tweet">.<a href="https://twitter.com/USTreasury?ref_src=twsrc%5Etfw">@USTreasury</a> is issuing a temporary 30-day general license to provide the most vulnerable nations with the ability to temporarily access Russian oil currently stranded at sea. This extension will provide additional flexibility, and we will work with these nations to provide…&mdash; Treasury Secretary Scott Bessent (@SecScottBessent) <a href="https://twitter.com/SecScottBessent/status/2056411947982115207?ref_src=twsrc%5Etfw">May 18, 2026</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Also Read: <a href="https://www.wionews.com/india-news/pm-modi-hails-lab-to-lab-and-scientist-to-scientist-ties-at-norway-india-business-and-research-summit-1779124305376">PM Modi hails ‘Lab-to-Lab’ and ‘Scientist-to-Scientist’ ties at Norway-India Business and Research Summit</a>&nbsp;The latest move marks the second time the US Treasury has allowed the waiver to expire before extending it again. The waiver was first introduced in March after supply disruptions and rising oil prices triggered by US-Israeli strikes on Iran. The measure was aimed at releasing Russian oil and petroleum products stranded in tankers due to sanctions.&nbsp;Although the waiver has not significantly lowered global oil prices, it has provided relief to countries such as India, which was one of the largest buyers of Russian crude before Washington imposed tougher sanctions on Russian oil companies over the Ukraine war.&nbsp;&nbsp;However, earlier today, Sujata Sharma, Joint Secretary at the Ministry of Petroleum &amp; Natural Gas, said India would continue purchasing Russian crude oil irrespective of the status of American sanctions waivers.&nbsp;Oil prices continued to rise amid supply concerns on Monday, with benchmark Brent crude futures climbing around 1.5 per cent to nearly $111 per barrel.&nbsp;The rise came even after reports from an Iranian news agency claimed Washington was considering temporarily easing sanctions on Iranian oil as part of broader peace negotiations.&nbsp;Earlier today, speaking from Paris during a meeting of G7 finance leaders, Bessent also called for stricter enforcement of sanctions on Iran.&nbsp;“We call upon all our G7 and indeed all of our allies and the rest of the world to follow the sanctions regime, so that we can crack down on the illicit finance that is fueling the Iranian war machine and give this money back to the Iranian people,” Bessent told reporters.

The United States had issued the waiver to ease global oil supply shortages and rising prices after Iran closed the Strait of Hormuz following the US-Israeli offensive against the Islamic Republic. 

The United States Treasury has extended a sanctions waiver allowing purchases of Russian seaborne oil for another 30 days to support “energy-vulnerable” countries affected by disruptions in Gulf oil supplies. Announcing the decision on Monday, Scott Bessent said the extension would provide flexibility to countries facing supply shortages. “This extension will provide additional flexibility, and we will work with these nations to provide specific licenses as needed. This general license will help stabilise the physical crude market and ensure oil reaches the most energy-vulnerable countries,” Bessent said in a post on X. “It will also help reroute existing supply to countries most in need by reducing China’s ability to stockpile discounted oil,” he added.

The United States had issued the waiver to ease global oil supply shortages and rising prices after Iran closed the Strait of Hormuz following the US-Israeli offensive against the Islamic Republic.&nbsp;

US extends sanctions waiver for Russian oil purchases by 30 days amid Hormuz tensions

The United States has frozen $344 million in cryptocurrency assets linked to Iran, Treasury Secretary Scott Bessent said on Friday (April 24), as Washington intensifies pressure on Tehran amid energy supply disruptions tied to conflict in the Middle East. The Treasury Department "will continue to systematically degrade Tehran's ability to generate, move, and repatriate funds," Bessent vowed in a statement on X.&nbsp;He added that the department imposed sanctions on "multiple wallets tied to Iran," leading to the freeze of funds. The move comes as US envoys Steve Witkoff and Jared Kushner are set to travel to Pakistan on Saturday for a new round of talks with Iran aimed at ending the conflict.&nbsp;Also Read: <a href="https://www.wionews.com/world/trump-one-little-half-sentence-and-ridiculous-supreme-court-ruling-on-tariffs-could-have-saved-us-159-billion-1777058211529">Trump: 'One little half sentence' and ridiculous Supreme Court ruling on tariffs could have saved US $159 billion</a>

<blockquote class="twitter-tweet">Under Economic Fury, <a href="https://twitter.com/USTreasury?ref_src=twsrc%5Etfw">@USTreasury</a> will continue to systematically degrade Tehran’s ability to generate, move, and repatriate funds. Treasury’s Office of Foreign Assets Control is sanctioning multiple wallets tied to Iran — resulting in the freeze of $344 million in…&mdash; Treasury Secretary Scott Bessent (@SecScottBessent) <a href="https://twitter.com/SecScottBessent/status/2047741124853502012?ref_src=twsrc%5Etfw">April 24, 2026</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

<h2>US tightens pressure on Iran, sanctions Chinese oil refinery and 40 shipping companies</h2>Meanwhile, President Donald Trump’s administration has imposed economic sanctions on a major China-based oil refinery, along with around 40 shipping companies and tankers accused of transporting Iranian oil. The move, announced on Friday and first reported by news agency The Associated Press, follows through on Trump’s warning to apply secondary sanctions on entities conducting business with Iran. It forms part of a broader campaign to curb Tehran’s primary revenue stream, its oil exports.&nbsp;<a href="https://www.wionews.com/videos/pakistan-s-terror-links-exposed-fresh-images-fuel-claims-of-terror-nexus-1777051374261/embed">https://www.wionews.com/videos/pakistan-s-terror-links-exposed-fresh-images-fuel-claims-of-terror-nexus-1777051374261/embed</a>&nbsp;At the same time, the US has enforced a physical blockade on the Strait of Hormuz, a critical route for global energy supplies. These sanctions, which sever access to the US financial system and penalize those engaging with the targeted entities, come weeks before a planned meeting between Trump and Xi Jinping in China.&nbsp;Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations, and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos, and videos.

The US freezes $344M in Iran-linked crypto and expands oil sanctions, escalating pressure on Tehran ahead of new diplomatic talks

The United States has frozen $344 million in cryptocurrency assets linked to Iran, Treasury Secretary Scott Bessent said on Friday (April 24), as Washington intensifies pressure on Tehran amid energy supply disruptions tied to conflict in the Middle East. The Treasury Department "will continue to systematically degrade Tehran's ability to generate, move, and repatriate funds," Bessent vowed in a statement on X. He added that the department imposed sanctions on "multiple wallets tied to Iran," leading to the freeze of funds. The move comes as US envoys Steve Witkoff and Jared Kushner are set to travel to Pakistan on Saturday for a new round of talks with Iran aimed at ending the conflict. Also Read: Trump: 'One little half sentence' and ridiculous Supreme Court ruling on tariffs could have saved US $159 billion

US freezes $344 million in crypto tied to Iran, expands sanctions on oil trade as tensions rise, and new diplomatic talks are set to begin

US freezes $344 million in Iran-linked cryptocurrency amid energy supply disruptions: Bessent

The US Department of the Treasury, through its Office of Foreign Assets Control (OFAC), has designated seven Iraqi militia commanders for their roles in planning and executing attacks against US personnel, facilities, and interests in Iraq. The individuals are linked to Iran-backed militia groups, including Kata’ib Hizballah, Kata’ib Sayyid Al-Shuhada, Harakat Al-Nujaba, and Asa’ib Ahl Al-Haqq. These groups have been accused of carrying out attacks on US forces and civilians, diverting Iraq’s resources to fund militant activities, and undermining the country’s sovereignty.&nbsp;“We will not allow Iraq’s terrorist militias, backed by Iran, to threaten American lives or interests,” said Secretary of the Treasury Scott Bessent. “Those who enable these militias’ violence will be held accountable.” The sanctions were imposed under Executive Order 13224, which targets terrorists and their supporters. The move builds on previous U.S. actions against Iran-backed networks operating in the region. These militias have already been designated as Specially Designated Global Terrorists (SDGTs) and Foreign Terrorist Organizations (FTOs).&nbsp;Also Read: <a href="https://www.wionews.com/world/watch-awkward-macron-meloni-hug-goes-viral-during-high-stakes-talks-in-paris-1776455329160">WATCH | Awkward! Macron-Meloni hug goes viral during high-stakes talks in Paris</a><h2>Who are the key Iraqi militia commanders?</h2><ul><li>Within Kata’ib Hizballah, Ammar Jasim Kadhim Al Rammahi has been identified as an operational commander responsible for planning and coordinating attacks on US targets. Radhwan Yousif Hameed Almohammed and Hasan Dheyab Hamzah Hamzah are also senior officials involved in operational coordination.</li><li>In Asa’ib Ahl Al-Haqq, Safaa Adnan Jabbar Suwaed serves as a senior commander and operations chief in Iraq’s Salah ad-Din Province. The group has reportedly conducted thousands of attacks and utilized Iranian drones against US and coalition forces.</li><li>Kata’ib Sayyid Al-Shuhada leaders Khalid Jameel Abed Albakhatra and Saeed Kadhim Mukhamis were also designated, with Albakhatra serving as a commander within the group.</li><li>Additionally, Husham Hashim Jaythoom, a military trainer affiliated with Harakat Al-Nujaba, was sanctioned for supporting operations and publicly aligning with Iran.</li></ul><a href="https://www.wionews.com/videos/jet-fuel-shortage-begins-to-hit-world-air-travel-1776446079529/embed">https://www.wionews.com/videos/jet-fuel-shortage-begins-to-hit-world-air-travel-1776446079529/embed</a><h2>Sanctions implications</h2>As a result of these designations, all assets and property belonging to the listed individuals within US jurisdiction are blocked and must be reported to OFAC. Entities owned 50 percent or more by these individuals are also subject to blocking measures. US regulations now prohibit transactions involving these designated individuals unless authorized by OFAC. Violations can lead to civil or criminal penalties for both U.S. and foreign entities.&nbsp;Foreign financial institutions may also face secondary sanctions if they engage in significant transactions involving these individuals. OFAC retains the authority to restrict or prohibit access to US financial systems for such institutions. The Treasury emphasized that sanctions aim not only to penalize but also to encourage behavioral change, noting that individuals can be removed from the sanctions list if they meet legal criteria.

US Treasury sanctions Iraqi militia leaders tied to Iran-backed groups for attacks on US forces. Assets blocked under Executive Order 13224

The US Department of the Treasury, through its Office of Foreign Assets Control (OFAC), has designated seven Iraqi militia commanders for their roles in planning and executing attacks against US personnel, facilities, and interests in Iraq. The individuals are linked to Iran-backed militia groups, including Kata’ib Hizballah, Kata’ib Sayyid Al-Shuhada, Harakat Al-Nujaba, and Asa’ib Ahl Al-Haqq. These groups have been accused of carrying out attacks on US forces and civilians, diverting Iraq’s resources to fund militant activities, and undermining the country’s sovereignty. “We will not allow Iraq’s terrorist militias, backed by Iran, to threaten American lives or interests,” said Secretary of the Treasury Scott Bessent. “Those who enable these militias’ violence will be held accountable.” The sanctions were imposed under Executive Order 13224, which targets terrorists and their supporters. The move builds on previous U.S. actions against Iran-backed networks operating in the region. These militias have already been designated as Specially Designated Global Terrorists (SDGTs) and Foreign Terrorist Organizations (FTOs). Also Read: WATCH | Awkward! Macron-Meloni hug goes viral during high-stakes talks in Paris Who are the key Iraqi militia commanders? Within Kata’ib Hizballah, Ammar Jasim Kadhim Al Rammahi has been identified as an operational commander responsible for planning and coordinating attacks on US targets. Radhwan Yousif Hameed Almohammed and Hasan Dheyab Hamzah Hamzah are also senior officials involved in operational coordination. In Asa’ib Ahl Al-Haqq, Safaa Adnan Jabbar Suwaed serves as a senior commander and operations chief in Iraq’s Salah ad-Din Province. The group has reportedly conducted thousands of attacks and utilized Iranian drones against US and coalition forces. Kata’ib Sayyid Al-Shuhada leaders Khalid Jameel Abed Albakhatra and Saeed Kadhim Mukhamis were also designated, with Albakhatra serving as a commander within the group. Additionally, Husham Hashim Jaythoom, a military trainer affiliated with Harakat Al-Nujaba, was sanctioned for supporting operations and publicly aligning with Iran. https://www.wionews.com/videos/jet-fuel-shortage-begins-to-hit-world-air-travel-1776446079529/embed Sanctions implications As a result of these designations, all assets and property belonging to the listed individuals within US jurisdiction are blocked and must be reported to OFAC. Entities owned 50 percent or more by these individuals are also subject to blocking measures. US regulations now prohibit transactions involving these designated individuals unless authorized by OFAC. Violations can lead to civil or criminal penalties for both U.S. and foreign entities. Foreign financial institutions may also face secondary sanctions if they engage in significant transactions involving these individuals. OFAC retains the authority to restrict or prohibit access to US financial systems for such institutions. The Treasury emphasized that sanctions aim not only to penalize but also to encourage behavioral change, noting that individuals can be removed from the sanctions list if they meet legal criteria.

US sanctions seven Iraqi militia commanders linked to Iran-backed groups for attacks on American forces; assets blocked under anti-terror order

US sanctions 7 Iraqi militia commanders linked to Iran-backed groups under 'Economic Fury'. Who all are on the list

US Treasury Secretary Scott Bessent said on Wednesday (April 15) that gas prices in the United States could fall to around $3 per gallon between late June and late September, depending on developments in global energy supply. “It’s bank week here in DC, so I’ve been meeting with a lot of my Middle Eastern counterparts, the finance ministers, and they all say when the straits are open, they can start pumping again within one week,” Bessent told reporters during a press briefing.&nbsp;He emphasised that the timeline hinges on negotiations surrounding the reopening of the Strait of Hormuz, a critical route for global oil shipments. “I’m optimistic that sometime between June 20 and September 20, we can have $3 gas again,” Bessent said. Gas prices are currently averaging $4.11, according to The Hill. Prices surged following the escalation of the Iran war, during which Iran shut down the Strait of Hormuz, a passage that handles roughly 20% of the world’s oil supply.&nbsp;Also Read: <a href="https://www.wionews.com/trending/trump-s-arc-de-trump-gets-official-name-here-s-what-it-will-be-called-1776281308689">Trump’s ‘Arc de Trump’ gets official name. Here’s what it will be called</a>&nbsp;Meanwhile, Donald Trump recently weighed in on future energy costs, suggesting uncertainty ahead of the 2026 midterm elections. “I hope so,” Trump answered. “I mean, I think so. It could be, it could be, or the same, or maybe a little bit higher. But, it should be around the same.” During the briefing, White House Press Secretary Karoline Leavitt and Bessent were also questioned about potential tariffs on China.&nbsp;<a href="https://www.wionews.com/videos/starmer-s-survival-as-pm-at-stake-as/embed-opinion-polls-predict-election-debacle-for-labour-1776274178847">https://www.wionews.com/videos/starmer-s-survival-as-pm-at-stake-as/embed-opinion-polls-predict-election-debacle-for-labour-1776274178847</a>&nbsp;Leavitt said Chinese President Xi Jinping had assured Trump that China is not supplying weapons to Iran amid the conflict. Bessent added that the Treasury Department has warned two Chinese banks they could face secondary sanctions if Iranian funds are found in their accounts, though he did not name the institutions.&nbsp;Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations, and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos, and videos.

US Treasury Secretary Scott Bessent says gas prices could fall to $3 between June and September if the Strait of Hormuz reopens amid Iran tensions

US Treasury Secretary Scott Bessent said on Wednesday (April 15) that gas prices in the United States could fall to around $3 per gallon between late June and late September, depending on developments in global energy supply. “It’s bank week here in DC, so I’ve been meeting with a lot of my Middle Eastern counterparts, the finance ministers, and they all say when the straits are open, they can start pumping again within one week,” Bessent told reporters during a press briefing. He emphasised that the timeline hinges on negotiations surrounding the reopening of the Strait of Hormuz, a critical route for global oil shipments. “I’m optimistic that sometime between June 20 and September 20, we can have $3 gas again,” Bessent said. Gas prices are currently averaging $4.11, according to The Hill. Prices surged following the escalation of the Iran war, during which Iran shut down the Strait of Hormuz, a passage that handles roughly 20% of the world’s oil supply. Also Read: Trump’s ‘Arc de Trump’ gets official name. Here’s what it will be called Meanwhile, Donald Trump recently weighed in on future energy costs, suggesting uncertainty ahead of the 2026 midterm elections. “I hope so,” Trump answered. “I mean, I think so. It could be, it could be, or the same, or maybe a little bit higher. But, it should be around the same.” During the briefing, White House Press Secretary Karoline Leavitt and Bessent were also questioned about potential tariffs on China. https://www.wionews.com/videos/starmer-s-survival-as-pm-at-stake-as/embed-opinion-polls-predict-election-debacle-for-labour-1776274178847 Leavitt said Chinese President Xi Jinping had assured Trump that China is not supplying weapons to Iran amid the conflict. Bessent added that the Treasury Department has warned two Chinese banks they could face secondary sanctions if Iranian funds are found in their accounts, though he did not name the institutions. Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations, and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos, and videos.

Scott Bessent says US gas could drop to $3 by late summer if the Strait of Hormuz reopens, as oil supply recovers amid Iran conflict and global talks

'Gas prices in America could drop to $3 by late September', says US Treasury Secretary Scott Bessent

US Treasury Secretary Scott Bessent said on Sunday that President Donald Trump is keeping all options on the table and is ramping up its attacks on Iran, as “sometimes you have to escalate to de-escalate”. Bessent also defended Trump’s rhetoric, saying it’s “the only language the Iranians understand," and supported strikes on Iran’s infrastructure.&nbsp;On being asked if US troops would be sent to Iran’s Kharg Island, Bessent said the US had a very successful bombing campaign on the island and repeated that “all options are on the table”.&nbsp;Also Read: <a href="https://www.wionews.com/world/netanyahu-urges-europe-to-join-fight-against-iran-cites-long-range-missile-attack-1774181563562">Netanyahu urges Europe to join fight against Iran, cites long-range missile attack</a>&nbsp;He also said that Trump has “very clear goals” of destroying Iran’s navy and air force, its missile capability, and its ability to replenish its weapons. The US will also make sure that Iran can never have a nuclear weapon, he added.&nbsp;Bessent’s comments came hours after President Donald Trump wrote on Truth Social that he was giving Iranian leadership 48 hours to open the Strait of Hormuz or risk US military strikes that “will hit and obliterate their various POWER PLANTS, STARTING WITH THE BIGGEST ONE FIRST!”&nbsp;Also Read: <a href="https://www.wionews.com/world/cuba-s-military-preparing-for-possible-us-military-aggression-says-deputy-foreign-minister-1774190659773">‘Cuba’s military preparing for possible US military aggression,’ says deputy foreign minister</a>&nbsp;Replying to Trump’s threat, a spokesperson for Iran’s military command headquarters warned that Iran will respond in kind if the US strikes take place.“If Iran’s fuel and energy infrastructure is attacked, then fuel, energy, information technology systems, and desalination infrastructure used by America and the regime in the region will be struck,” Col. Ebrahim Zolfaqari said, according to the Iranian state news agency IRNA.&nbsp;Also Read: <a href="https://www.wionews.com/world/-halt-military-action-first-iran-s-president-calls-on-india-chaired-brics-to-play-role-in-halting-aggression-1774116854054">‘Halt military action first’: Iran's president calls on India-chaired BRICS to play role in halting aggression</a>&nbsp;The US has so avoided striking Iran’s oil infrastructure amid the ongoing conflict.&nbsp;&nbsp;<h2>‘We have sufficient funds to sustain ongoing war’</h2>&nbsp;&nbsp;The Treasury Secretary also said that the US has sufficient funds to sustain its ongoing war effort against Iran but is seeking additional “supplemental” funding from Congress to ensure long-term military readiness.&nbsp;Bessent addee that the request for additional funds of around $200 billion is aimed at strengthening future preparedness rather than addressing any immediate funding shortfall.&nbsp;“We have plenty of money to fund this war. This is supplemental,” Bessent said, adding that President Trump wants to ensure the military remains “well supplied going forward.”&nbsp;Bessent also defended the Treasury Department's decision last week to ease certain sanctions on Iran by “permitting the sale of Iranian oil currently stranded at sea,” as the Trump administration seeks to address rising energy costs.&nbsp;Also Read: <a href="https://www.wionews.com/world/-if-america-attacks-pakistan-we-ll-target-delhi-and-mumbai-in-india-says-former-high-commissioner-abdul-basit-1774109240302">‘If America attacks Pakistan, we’ll target Delhi and Mumbai in India,’ says former high commissioner Abdul Basit</a>&nbsp;Bessent said it would “quickly bring approximately 140 million barrels of oil to global markets” and help “to relieve the temporary pressures on supply caused by Iran,” though some experts questioned why the US would boost Iran economically amid the war.

On being asked if US troops would be sent to Iran’s Kharg Island, Bessent said the US had a very successful bombing campaign on the island and that President Donald Trump is keeping all options on the table and is ramping up its attacks on Iran.

US Treasury Secretary Scott Bessent said on Sunday that President Donald Trump is keeping all options on the table and is ramping up its attacks on Iran, as “sometimes you have to escalate to de-escalate”. Bessent also defended Trump’s rhetoric, saying it’s “the only language the Iranians understand," and supported strikes on Iran’s infrastructure. On being asked if US troops would be sent to Iran’s Kharg Island, Bessent said the US had a very successful bombing campaign on the island and repeated that “all options are on the table”. Also Read: Netanyahu urges Europe to join fight against Iran, cites long-range missile attack He also said that Trump has “very clear goals” of destroying Iran’s navy and air force, its missile capability, and its ability to replenish its weapons. The US will also make sure that Iran can never have a nuclear weapon, he added. Bessent’s comments came hours after President Donald Trump wrote on Truth Social that he was giving Iranian leadership 48 hours to open the Strait of Hormuz or risk US military strikes that “will hit and obliterate their various POWER PLANTS, STARTING WITH THE BIGGEST ONE FIRST!” Also Read: ‘Cuba’s military preparing for possible US military aggression,’ says deputy foreign minister Replying to Trump’s threat, a spokesperson for Iran’s military command headquarters warned that Iran will respond in kind if the US strikes take place. “If Iran’s fuel and energy infrastructure is attacked, then fuel, energy, information technology systems, and desalination infrastructure used by America and the regime in the region will be struck,” Col. Ebrahim Zolfaqari said, according to the Iranian state news agency IRNA. Also Read: ‘Halt military action first’: Iran's president calls on India-chaired BRICS to play role in halting aggression The US has so avoided striking Iran’s oil infrastructure amid the ongoing conflict. ‘We have sufficient funds to sustain ongoing war’ The Treasury Secretary also said that the US has sufficient funds to sustain its ongoing war effort against Iran but is seeking additional “supplemental” funding from Congress to ensure long-term military readiness. Bessent addee that the request for additional funds of around $200 billion is aimed at strengthening future preparedness rather than addressing any immediate funding shortfall. “We have plenty of money to fund this war. This is supplemental,” Bessent said, adding that President Trump wants to ensure the military remains “well supplied going forward.” Bessent also defended the Treasury Department's decision last week to ease certain sanctions on Iran by “permitting the sale of Iranian oil currently stranded at sea,” as the Trump administration seeks to address rising energy costs. Also Read: ‘If America attacks Pakistan, we’ll target Delhi and Mumbai in India,’ says former high commissioner Abdul Basit Bessent said it would “quickly bring approximately 140 million barrels of oil to global markets” and help “to relieve the temporary pressures on supply caused by Iran,” though some experts questioned why the US would boost Iran economically amid the war.

On being asked if US troops would be sent to Iran’s Kharg Island, Bessent said the US had a very successful bombing campaign on the island and that President Donald Trump is keeping all options on the table and is ramping up its attacks on Iran.

‘Have to escalate to de-escalate’: US Treasury Secretary Scott Bessent defends military actions in Iran

The United States has temporarily lifted sanctions on Iranian oil already at sea in a bid to ease surging global energy prices driven by the U.S.-Israeli war on Iran, according to U.S. Treasury Secretary Scott Bessent.

The Treasury Department issued a “narrowly tailored” authorization allowing the sale of Iranian crude oil and petroleum products loaded on vessels as of March 20, with the waiver running until April 19.

Report: Trump's Kharg Island Plans Aimed To Push Iran on Hormuz

The United States is allowing Iranian oil tankers to continue passing through the Strait of Hormuz to maintain global oil supply, US Treasury Secretary Scott Bessent said on Monday (March 16) in an interview with CNBC. “The Iranian ships have been getting out already, and we’ve let that happen to supply the rest of the world,” Bessent told CNBC’s Brian Sullivan. Tanker traffic through the key shipping route has dropped sharply as Iran continues to attack commercial vessels in the Persian Gulf. Despite tensions and the presence of the U.S. Navy in the region, Iran has continued to export millions of barrels of oil through the narrow passage. Iran currently exports around 1.5 million barrels per day.&nbsp;According to Bessent, the Trump administration expects tanker traffic through the Strait of Hormuz to increase before US and allied naval forces begin escorting commercial vessels. He added that tankers delivering oil to India have already moved through the Strait, and US officials believe some Chinese vessels are also leaving the Gulf. “We think that there will be a natural opening that the Iranians are letting out, and for now, we’re fine with that. We want the world to be well supplied,” Bessent said.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/watch-indian-lpg-tanker-shivalik-arrives-at-mundra-port-after-safe-transit-via-strait-of-hormuz-1773661163343">WATCH | Indian LPG tanker Shivalik arrives at Mundra Port after safe transit via Strait of Hormuz</a>&nbsp;Bessent also expressed expectations that oil prices could drop significantly after the conflict ends. “The world will be safer, and we will be better supplied,” he said, adding that prices could fall “much lower” than $80 per barrel once the war is over. However, he noted that he does not know when the conflict will end. Bessent also dismissed speculation that the administration might step into oil futures markets. “We haven’t done that,” the Treasury secretary said. He added that it remains unclear what legal authority the US government would even have to intervene in such trading.&nbsp;<a href="https://www.wionews.com/videos/fuel-crisis-indian-lpg-tanker-arrives-after-safe-sail-through-hormuz-1773665081391/embed">https://www.wionews.com/videos/fuel-crisis-indian-lpg-tanker-arrives-after-safe-sail-through-hormuz-1773665081391/embed</a>&nbsp;Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations, and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos, and videos.

'US allowing Iranian oil tankers through Strait of Hormuz to maintain global supply', says Scott Bessent 

The United States is allowing Iranian oil tankers to continue passing through the Strait of Hormuz to maintain global oil supply, US Treasury Secretary Scott Bessent said on Monday (March 16) in an interview with CNBC. “The Iranian ships have been getting out already, and we’ve let that happen to supply the rest of the world,” Bessent told CNBC’s Brian Sullivan. Tanker traffic through the key shipping route has dropped sharply as Iran continues to attack commercial vessels in the Persian Gulf. Despite tensions and the presence of the U.S. Navy in the region, Iran has continued to export millions of barrels of oil through the narrow passage. Iran currently exports around 1.5 million barrels per day. According to Bessent, the Trump administration expects tanker traffic through the Strait of Hormuz to increase before US and allied naval forces begin escorting commercial vessels. He added that tankers delivering oil to India have already moved through the Strait, and US officials believe some Chinese vessels are also leaving the Gulf. “We think that there will be a natural opening that the Iranians are letting out, and for now, we’re fine with that. We want the world to be well supplied,” Bessent said. Also Read: WATCH | Indian LPG tanker Shivalik arrives at Mundra Port after safe transit via Strait of Hormuz Bessent also expressed expectations that oil prices could drop significantly after the conflict ends. “The world will be safer, and we will be better supplied,” he said, adding that prices could fall “much lower” than $80 per barrel once the war is over. However, he noted that he does not know when the conflict will end. Bessent also dismissed speculation that the administration might step into oil futures markets. “We haven’t done that,” the Treasury secretary said. He added that it remains unclear what legal authority the US government would even have to intervene in such trading. https://www.wionews.com/videos/fuel-crisis-indian-lpg-tanker-arrives-after-safe-sail-through-hormuz-1773665081391/embed Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations, and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos, and videos.

US allows Iranian oil tankers through Strait of Hormuz to stabilise global supply, Treasury Secretary Scott Bessent says amid tensions in the Gulf

'US allowing Iranian oil tankers through Strait of Hormuz to maintain global supply', says Scott Bessent

The US has temporarily allowed India to buy Russian oil currently stuck at sea in an effort to keep global supplies flowing and temper further price increases.

The US treasury has issued a 30-day waiver allowing India to buy Russian oil, having previously imposed heavy sanctions related to the war in Ukraine.

Bessent: We May Unsanction Other Russian Oil

The US Treasury Department announced on Wednesday that it had sanctioned over 30 individuals and entities for enabling illicit Iranian petroleum sales. In a press release, the Treasury Department said that its Office of Foreign Assets Control (OFAC) specifically targeted vessels operating as part of Iran’s shadow fleet.&nbsp;“Today, Treasury’s Office of Foreign Assets Control sanctioned over 30 individuals, entities, and vessels enabling illicit Iranian petroleum sales and Iran’s ballistic missile and advanced conventional weapons production, as part of Treasury’s ongoing campaign of maximum pressure on Iran,” the department wrote on X.&nbsp;&nbsp;

<blockquote class="twitter-tweet">Today, Treasury’s Office of Foreign Assets Control sanctioned over 30 individuals, entities, and vessels enabling illicit Iranian petroleum sales and Iran’s ballistic missile and advanced conventional weapons production, as part of Treasury’s ongoing campaign of maximum pressure…&mdash; Treasury Department (@USTreasury) <a href="https://twitter.com/USTreasury/status/2026681338447708447?ref_src=twsrc%5Etfw">February 25, 2026</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

&nbsp;&nbsp;“OFAC also targeted multiple networks that enable Iran’s Islamic Revolutionary Guard Corps (IRGC) and Ministry of Defence and Armed Forces Logistics (MODAFL) to secure the precursor materials and sensitive machinery required to reconstitute ballistic missile and ACW production capacity, as well as proliferate unmanned aerial vehicles (UAVs) to third countries,” the press release said.&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/world/suicide-bomber-blows-himself-up-near-pakistan-checkpost-4-cops-dead-1772038584936">Suicide bomber blows himself up near Pakistan checkpost; 4 cops dead | Video</a><h2>‘Department would continue to put pressure on Iran’: Scott Bessent</h2>&nbsp;Treasury Secretary Scott Bessent said that the department would continue to put pressure on Iran to target the regime’s weapons capabilities.The Treasury Secretary said Iran exploits financial systems to sell illicit oil, launder the proceeds, procure components for its nuclear and conventional weapons programmes, and support its terrorist proxies.“Under President Trump’s strong leadership, Treasury will continue to put maximum pressure on Iran to target the regime’s weapons capabilities and support for terrorism, which it has prioritised over the lives of the Iranian people,” Bessent wrote on X.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/-shocking-unacceptable-says-minister-govt-initiates-action-against-bsnl-director-over-prayagraj-visit-row-1772027947359">‘Shocking, unacceptable,’ says minister; govt initiates action against BSNL director over Prayagraj visit row</a><h2>OFAC also targeted nine individuals and entities based in Iran, Türkiye, and the UAE</h2>&nbsp;OFAC targeted 12 shadow fleet vessels and their respective owners or operators that have collectively transported hundreds of millions of dollars’ worth of Iranian petroleum and petrochemical products.OFAC also targeted nine individuals and entities based in Iran, Türkiye, and the United Arab Emirates (UAE) that facilitated the procurement of precursor chemicals and sensitive machinery for the IRGC and Ministry of Defense and Armed Forces Logistics (MODAFL) and their respective missile and ACW programmes, as well as proliferated UAVs to third countries.&nbsp;Also Read: <a href="https://www.wionews.com/world/pm-modi-greeted-by-israeli-prime-minister-benjamin-netanyahu-as-he-lands-in-israel-1772017052730">PM Modi greeted by Israeli Prime Minister Benjamin Netanyahu on landing in Israel, to address Knesset</a>&nbsp;It was reported last week that President Donald Trump was weighing new military strikes on Iran, as the regime has been cracking down on protesters.Iranian leaders have spoken out against an aggressive response, and there have been talks in the past.

The US Treasury’s Office of Foreign Assets Control targeted 12 shadow fleet vessels and their respective owners or operators that have collectively transported hundreds of millions of dollars’ worth of Iranian petroleum and petrochemical products.

The US Treasury Department announced on Wednesday that it had sanctioned over 30 individuals and entities for enabling illicit Iranian petroleum sales. In a press release, the Treasury Department said that its Office of Foreign Assets Control (OFAC) specifically targeted vessels operating as part of Iran’s shadow fleet. “Today, Treasury’s Office of Foreign Assets Control sanctioned over 30 individuals, entities, and vessels enabling illicit Iranian petroleum sales and Iran’s ballistic missile and advanced conventional weapons production, as part of Treasury’s ongoing campaign of maximum pressure on Iran,” the department wrote on X.

The US Treasury’s Office of Foreign Assets Control targeted 12 shadow fleet vessels and their respective owners or operators that have collectively transported hundreds of millions of dollars’ worth of Iranian petroleum and petrochemical products.

US Treasury sanctions over 30 individuals and entities for enabling illicit Iranian petroleum sales

US President Donald Trump's top aide on Wednesday (Jan 28) slammed the European Union for its newly signed "Mother of all deals" with India. US Treasury Secretary Scott Bessent said he was "very disappointed" with Europe and accused the bloc of putting commerce ahead of its political principles. His remarks came a day after India and the EU concluded what both sides described as a historic free trade agreement, one that European Commission President Ursula von der Leyen dubbed the "mother of all deals."Also read | <a href="https://www.wionews.com/world/israel-hopes-to-conclude-free-trade-agreement-with-india-this-year-says-ambassador-azar-1769626573391">Israel hopes to conclude free trade agreement with India this year, says Ambassador Azar</a><h2>Russian oil and alleged double standards</h2>In an interview with CNBC, Bessent claimed European countries had been buying refined products made in India using Russian oil supplies. He also alleged that the EU had refused to align with the US on higher tariffs for Indian goods because it was busy negotiating the trade pact."They should do what's best for themselves," Bessent said. "But I will tell you, I found, I find the Europeans very disappointing".Also read | <a href="https://www.wionews.com/trending/sometimes-people-need-a-dictator-trump-stuns-davos-after-greenland-rant-1769047692322">Sometimes people 'need a dictator’: Trump stuns Davos with sinister threat after Greenland rant</a>He described the practice as Europe "funding the war against themselves," arguing that even as the continent bears the brunt of the conflict, it has continued to prioritise trade relationships over tightening economic pressure on Russia.The comments underline growing frustration in Washington over Europe’s economic ties with both India and Russia. Last year, the US imposed an additional 25 per cent tariff on Indian imports, citing New Delhi’s continued purchases of Russian oil despite Western sanctions. Europe did not follow suit.Instead, it pushed ahead with negotiations that finally wrapped up this week, delivering one of the largest trade agreements the EU has signed in years.<a href="https://www.wionews.com/videos/india-eu-sign-free-trade-agreement-snub-trump-s-tariff-bluster-1769533568254/embed">https://www.wionews.com/videos/india-eu-sign-free-trade-agreement-snub-trump-s-tariff-bluster-1769533568254/embed</a><h2>What the deal includes</h2>Under the new pact, the EU will eliminate tariffs on 99 per cent of Indian exports by value over seven years. Duties on around 33 billion dollars worth of labour-intensive goods, including textiles, leather, footwear, gems and jewellery, will be scrapped as soon as the agreement comes into force.India, in return, will cut tariffs on 96.6 per cent of EU exports. Nearly one-third of those reductions will take effect immediately when the deal becomes operational in early 2027.

Trump’s top aide Scott Bessent criticised the EU over its new free trade deal with India, calling it “disappointing” and accusing Europe of putting commerce over principles.

US President Donald Trump's top aide on Wednesday (Jan 28) slammed the European Union for its newly signed "Mother of all deals" with India. US Treasury Secretary Scott Bessent said he was "very disappointed" with Europe and accused the bloc of putting commerce ahead of its political principles. His remarks came a day after India and the EU concluded what both sides described as a historic free trade agreement, one that European Commission President Ursula von der Leyen dubbed the "mother of all deals." Also read | Israel hopes to conclude free trade agreement with India this year, says Ambassador Azar Russian oil and alleged double standards In an interview with CNBC, Bessent claimed European countries had been buying refined products made in India using Russian oil supplies. He also alleged that the EU had refused to align with the US on higher tariffs for Indian goods because it was busy negotiating the trade pact. "They should do what's best for themselves," Bessent said. "But I will tell you, I found, I find the Europeans very disappointing". Also read | Sometimes people 'need a dictator’: Trump stuns Davos with sinister threat after Greenland rant He described the practice as Europe "funding the war against themselves," arguing that even as the continent bears the brunt of the conflict, it has continued to prioritise trade relationships over tightening economic pressure on Russia. The comments underline growing frustration in Washington over Europe’s economic ties with both India and Russia. Last year, the US imposed an additional 25 per cent tariff on Indian imports, citing New Delhi’s continued purchases of Russian oil despite Western sanctions. Europe did not follow suit. Instead, it pushed ahead with negotiations that finally wrapped up this week, delivering one of the largest trade agreements the EU has signed in years. https://www.wionews.com/videos/india-eu-sign-free-trade-agreement-snub-trump-s-tariff-bluster-1769533568254/embed What the deal includes Under the new pact, the EU will eliminate tariffs on 99 per cent of Indian exports by value over seven years. Duties on around 33 billion dollars worth of labour-intensive goods, including textiles, leather, footwear, gems and jewellery, will be scrapped as soon as the agreement comes into force. India, in return, will cut tariffs on 96.6 per cent of EU exports. Nearly one-third of those reductions will take effect immediately when the deal becomes operational in early 2027.

Trump’s top aide Scott Bessent criticised the EU over its new free trade deal with India, calling it “disappointing” and accusing Europe of putting commerce over principles.

‘Very disappointing’: Trump’s top aide attacks EU over ‘Mother of all deals’ with India, says Europe 'funding the war against themselves'

US Treasury Secretary Scott Bessent, in a Fox News show “Hannity”, claimed that Canadian Prime Minister Mark Carney was "very aggressively walking back” on some of the comments he made in the World Economic Forum in Davos, Switzerland, during his call with US President Donald Trump. The speech of Carney at Davos last week claimed that the rule-based order was partially false, and urged nations to accept the end of rule based order. His speech received a rare standing ovation at Davos.&nbsp;"I was in ​the ⁠Oval with the President today. He spoke to Prime Minister Carney, ‌who was very ‌aggressively walking back some of the ‍unfortunate remarks he made at Davos," said Mr Bessent.&nbsp;US Treasury Secretary Scott Bessent has further accused Canadian Prime Minister Mark Carney of pushing his globalist agenda. Carney was urging “middle-powers” to work together to push back against US hegemony: "middle powers must act together because if you are not at the table, you are on the menu."&nbsp;Also Read: <a href="https://www.wionews.com/world/mark-carney-world-order-rupture-multipolarity-1768985878364">Carney says 'we are in the midst of a rupture not transition' at WEF</a>

<blockquote class="twitter-tweet" data-media-max-width="560">🚨 HOLY SMOKES. Sec. Scott Bessent just EVISCERATED Canadian PM Mark Carney for being a raging globalist! 🔥 “Canada depends on the US, and the prime minister should do best for the Canadian people, rather than try to PUSH his own GLOBALIST AGENDA!” 💯 <a href="https://t.co/2twoKulj0A">pic.twitter.com/2twoKulj0A</a>&mdash; TeamCharlieKirk (@TeamCharliekirk) <a href="https://twitter.com/TeamCharliekirk/status/2016026533295493245?ref_src=twsrc%5Etfw">January 27, 2026</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Trump was critical of that speech, and after the speech, he revoked the invitation for the Board of Peace to Canadian President Mark Carney. "Of course, Canada depends on the US," said Bessent in the interview. He further added that it would be a disaster for Canada if President Trump added further tariffs on Canadian goods.&nbsp;“Canada depends on the US, and the prime minister should do best for the Canadian people, rather than try to PUSH his own GLOBALIST AGENDA!” said Bessent.&nbsp;Trump threatened in the past week to impose a 100 per cent Tariff on Canada if it went ahead with a trade deal with Beijing. Carney said that Mr Trump's threats should be seen as pre-positioning ahead of the renewal of the free trade pact between the two large trading partners. They are set to review the US-Mexico-Canada trade agreement this year.“The president is a strong negotiator, and some of these comments and positioning should be viewed in the broader context of that," said Carney. Carney had a good relationship with Trump before becoming Prime Minister of Canada; he still holds $6.8 million in Brookfield's financial interests. Brookfield is a Canadian investment firm that bailed out Jared Kushner's family from defaulting on $1.2 billion in mortgage payments during Trump's first term in office.&nbsp;&nbsp;

US Treasury Secretary Scott Bessent claims Canadian PM Mark Carney is "aggressively walking back" his Davos 2026 comments following trade threats from Donald Trump

US Treasury Secretary Scott Bessent, in a Fox News show “Hannity”, claimed that Canadian Prime Minister Mark Carney was "very aggressively walking back” on some of the comments he made in the World Economic Forum in Davos, Switzerland, during his call with US President Donald Trump. The speech of Carney at Davos last week claimed that the rule-based order was partially false, and urged nations to accept the end of rule based order. His speech received a rare standing ovation at Davos. "I was in the ⁠Oval with the President today. He spoke to Prime Minister Carney, ‌who was very ‌aggressively walking back some of the ‍unfortunate remarks he made at Davos," said Mr Bessent. US Treasury Secretary Scott Bessent has further accused Canadian Prime Minister Mark Carney of pushing his globalist agenda. Carney was urging “middle-powers” to work together to push back against US hegemony: "middle powers must act together because if you are not at the table, you are on the menu." Also Read: Carney says 'we are in the midst of a rupture not transition' at WEF

US Treasury Secretary Scott Bessent claims Canadian PM Mark Carney is "aggressively walking back" his Davos 2026 comments following trade threats from Donald Trump

Scott Bessent accuses Mark Carney of 'Globalist agenda' after Davos speech

President Donald Trump’s key aide and US Treasury Secretary Scott Bessent hinted at Davos that the additional 25% tariffs on India might be removed after India’s purchases of Russian oil have significantly dropped, calling the tariff imposed by the US a ‘huge success’. Bessent made the remarks during a conversation with Politico. He said that Indian refinery purchases of Russian oil have “collapsed” due to US tariffs, hinting that a diplomatic “path” exists to remove the tariffs, provided India shifts its energy sourcing, and asserted that these trade measures provide tangible benefits to the American economy.&nbsp;“We put a 25 per cent tariff on India for buying Russian oil, and the Indian purchases by their refineries of Russian oil have collapsed. So that is a success. The tariffs are still on. I would imagine there is a path to take them off, so that’s a check and a huge success,” Bessent told Politico.&nbsp;&nbsp;

<blockquote class="twitter-tweet">Breaking: US Treasury Secretary says 25% tariff penalty on India could be removed &quot;Our 25% tariff on India has been a huge success. Indian purchases of Russian oil have collapsed. The tariffs are still on. I would imagine there is a path to take them off now&quot; <a href="https://t.co/o2GHLnSCjT">pic.twitter.com/o2GHLnSCjT</a>&mdash; Shashank Mattoo (@MattooShashank) <a href="https://twitter.com/MattooShashank/status/2014911139260342680?ref_src=twsrc%5Etfw">January 24, 2026</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

&nbsp;Also Read: <a href="https://www.wionews.com/world/us-wooing-bangladesh-s-islamist-party-jamaat-e-islami-ahead-of-elections-report-1769196745350">US wooing Bangladesh’s Islamist party Jamaat-e-Islami ahead of elections: Report</a><h2>‘European countries are financing the war against themselves’</h2>&nbsp;Bessent also criticised European countries for buying refined Russian oil from India. “They are financing the war against themselves,” he said, labelling their trade behaviour an “act of irony and stupidity.”He argued that by purchasing refined petroleum products from India (made from Russian crude), Europe is indirectly financing Russia’s war effort.&nbsp;“Just to be clear, let’s understand what’s happening. Before the Ukraine invasion, approximately 2-3 per cent of Indian oil that went into its refineries came from Russia. The oil was sanctioned. It got deeply discounted and moved up into the high teens—17, 18, 19% was being refined. Huge pro, huge profits from the refiners. But in the ultimate act of irony and stupidity, guess who was buying the refined products from the Indian refineries made from Russian oil? The Europeans. They are financing the war against themselves. They are financing the Russians,” Bessent told Politico.&nbsp;Also Read: <a href="https://www.wionews.com/world/-trump-s-remarks-about-nato-troops-in-afghanistan-insulting-and-appalling-says-starmer-seeks-apology-1769189388382">Trump’s remarks about Nato troops in Afghanistan insulting and appalling,’ says Starmer, seeks apology</a><h2>‘EU ‘virtue signalling’ to protect upcoming EU-India FTA’</h2>&nbsp;Bessent further said that the EU is ‘virtue signalling’ by avoiding similar tariffs on India to protect the upcoming EU-India Free Trade Agreement (FTA). “I will also point out that our virtue signalling European allies refused to do it because they wanted to sign this big trade deal with India,” he added.&nbsp;The EU and India are set to discuss a comprehensive strategic agenda, with a Free Trade Agreement in the works, described as "the mother of all deals" by European Commission President Ursula von der Leyen, a historic agreement covering a market of 2 billion people and 25% of global GDP.&nbsp;Also Read: <a href="https://www.wionews.com/world/ai-tsunami-will-hit-job-market-young-and-middle-class-will-suffer-most-imf-chief-1769181642148">AI ‘tsunami’ will hit job market, young and middle class will suffer most: IMF chief</a>&nbsp;The European Union and India will hold the 16th summit in New Delhi, where a new EU-India comprehensive strategic agenda is expected to be adopted. EU chief Ursula von der Leyen is scheduled to visit New Delhi next weekend to finalise the deal, signalling that Europe views India as an indispensable economic partner.“There is still work to do. But we are on the cusp of a historic trade agreement. Some call it the mother of all deals. One that would create a market of 2 billion people, accounting for almost a quarter of global GDP,” von der Leyen said at the World Economic Forum in Davos.&nbsp;Also Read: <a href="https://www.wionews.com/world/davos-2026-zelensky-says-europe-needs-to-protect-itself-take-action-to-become-global-force-1769091116500">‘Europe needs to protect itself, take action to become global force,’ says Zelensky at Davos</a>&nbsp;In January, Trump gave a green light to the bipartisan Russia Sanctions Bill, which would give leverage against India, China, and Brazil to stop them from purchasing Russian oil and punish the countries “fuelling Putin’s war machine”.

US Secretary of the Treasury Scott Bessent also criticised European countries for buying refined Russian oil from India and labelled their trade behaviour an “act of irony and stupidity.” Bessent said that the European countries are financing the war against themselves by doing so.

President Donald Trump’s key aide and US Treasury Secretary Scott Bessent hinted at Davos that the additional 25% tariffs on India might be removed after India’s purchases of Russian oil have significantly dropped, calling the tariff imposed by the US a ‘huge success’. Bessent made the remarks during a conversation with Politico. He said that Indian refinery purchases of Russian oil have “collapsed” due to US tariffs, hinting that a diplomatic “path” exists to remove the tariffs, provided India shifts its energy sourcing, and asserted that these trade measures provide tangible benefits to the American economy. “We put a 25 per cent tariff on India for buying Russian oil, and the Indian purchases by their refineries of Russian oil have collapsed. So that is a success. The tariffs are still on. I would imagine there is a path to take them off, so that’s a check and a huge success,” Bessent told Politico.

US Secretary of the Treasury Scott Bessent also criticised European countries for buying refined Russian oil from India and labelled their trade behaviour an “act of irony and stupidity.” Bessent said that the European countries are financing the war against themselves by doing so.

Trump aide Scott Bessent hints at US removing 25% tariffs on India over Russian oil purchase

US Treasury Secretary Scott Bessent on Tuesday said that Europe dumping all US debt is a highly unlikely case, a situation which will assure mutual destruction. He called it a "false narrative" and asserted that the US Treasury market is “the best-performing market in the world” and described it the the most “liquid” debt market globally. He added that Europeans investors are expected to hold on to the exposure, instead of dumping in mass.&nbsp;This comes after US President Donald Trump threatened to raise a 10 per cent tariff on the European nations over Greenland. This has angered the European allies of the US, and they are seeking countermeasures.&nbsp;“There's a completely false narrative there,” said Bessent, "I think everyone needs to take a deep breath. Do not listen to the media, who are hysterical."&nbsp;"Europeans hold roughly $10 trillion in US assets: around $6 trillion in US equities and roughly $4 trillion in Treasuries and other bonds," said Ipek Ozkardeskaya, senior analyst at Swissquote. Selling those assets would trigger a recession. Moreover US also holds a bulk of European debts, approximately $1.2 trillion. Japan holds roughly $1.2 trillion, and China holds $682.6 billion of US debt.

<blockquote class="twitter-tweet" data-media-max-width="560">Denmark is &quot;irrelevant,&quot; US Treasury Secretary Scott Bessent tells reporters at Davos, as tensions over Greenland keep mounting <a href="https://t.co/erpVYJFF81">https://t.co/erpVYJFF81</a> <a href="https://t.co/xgMYAI3za7">pic.twitter.com/xgMYAI3za7</a>&mdash; Bloomberg (@business) <a href="https://twitter.com/business/status/2013910689060933817?ref_src=twsrc%5Etfw">January 21, 2026</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

"This notion that Europeans would be selling US assets came from a single analyst at Deutsche Bank,” Bessent said at WEF26 in Davos. “The CEO of Deutsche Bank called to say that Deutsche Bank does not stand by that analyst report.”The process of weaponisation of US assets by aggressive selling off seems highly unlikely for multiple reasons. First, being that most of these stocks and treasury bonds are held by private firms, could not be controlled by the government. Moreover, such a coordinated dump would assure mutual destruction. However, such “weaponisation of capital” is becoming a risk for the markets in the long term, eventhough not right away, with evolving US postures. A strategic move would be to gradually reduce reliance on US assets, which China has done successfully since 2013, a significant drop from its peak of over $1.3 trillion to $682.6 billion. India is also strategically diversifying its foreign reserves; it reduced 21 per cent in 2025 to a total holding of $190.7 billion in October 2025.&nbsp;Concerns have mounted "over the Trump administration's confrontational stance toward global counterparts, which could potentially dampen appetite for US assets", said a money manager, Patrick Munnelly, a money manager at the Tickmill group, as quoted by France 24.&nbsp;&nbsp;

US Treasury Secretary Scott Bessent dismisses claims that Europe could dump US debt, calling it a false narrative amid tariff tensions.

US Treasury Secretary Scott Bessent on Tuesday said that Europe dumping all US debt is a highly unlikely case, a situation which will assure mutual destruction. He called it a "false narrative" and asserted that the US Treasury market is “the best-performing market in the world” and described it the the most “liquid” debt market globally. He added that Europeans investors are expected to hold on to the exposure, instead of dumping in mass. This comes after US President Donald Trump threatened to raise a 10 per cent tariff on the European nations over Greenland. This has angered the European allies of the US, and they are seeking countermeasures. “There's a completely false narrative there,” said Bessent, "I think everyone needs to take a deep breath. Do not listen to the media, who are hysterical." "Europeans hold roughly $10 trillion in US assets: around $6 trillion in US equities and roughly $4 trillion in Treasuries and other bonds," said Ipek Ozkardeskaya, senior analyst at Swissquote. Selling those assets would trigger a recession. Moreover US also holds a bulk of European debts, approximately $1.2 trillion. Japan holds roughly $1.2 trillion, and China holds $682.6 billion of US debt.

US Treasury Secretary Scott Bessent dismisses claims that Europe could dump US debt, calling it a false narrative amid tariff tensions.

Bessent calls Europe dumping US debt a 'false narrative' would 'defy logic'

The Trump administration is digging into whether any Minnesota tax money was funnelled to al Shabaab, a Somalia-based militant group which the US designates as a foreign terrorist organisation, said Treasury Secretary Scott Bessent, said Monday. On X, Bessent said that the inquiry is tied to what he called the "feckless mismanagement" of the Biden administration and Minnesota Governor Tim Walz.<h2>Walz, Biden and al-Shabaab</h2>In a X post, Bessent said that the US treasury was "investigating allegations that under the feckless mismanagement of the Biden Administration and Governor Tim Walz, hardworking Minnesotans' tax dollars may have been diverted to the terrorist organisation Al-Shabaab." He flagged a report from the conservative outlet City Journal that cited unnamed law enforcement officials and alleged that millions stolen from state welfare programs may have "ultimately landed in the hands of the terror group Al-Shabaab". That report prompted several Republican lawmakers, including Minnesota Rep. Tom Emmer, to urge federal prosecutors to investigate.

<blockquote class="twitter-tweet">At my direction, <a href="https://twitter.com/USTreasury?ref_src=twsrc%5Etfw">@USTreasury</a> is investigating allegations that under the feckless mismanagement of the Biden Administration and Governor Tim Walz, hardworking Minnesotans’ tax dollars may have been diverted to the terrorist organization Al-Shabaab. Thanks to the leadership of… <a href="https://t.co/uillMknuXL">https://t.co/uillMknuXL</a>&mdash; Treasury Secretary Scott Bessent (@SecScottBessent) <a href="https://twitter.com/SecScottBessent/status/1995615377284628908?ref_src=twsrc%5Etfw">December 1, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Walz's office, meanwhile, pointed to the governor's recent comments that he welcomes a full review into where the defrauded welfare money went and vowed to cooperate with federal authorities and investigators.Also read | <a href="https://www.wionews.com/world/maduro-lashes-out-at-washington-s-slave-s-peace-as-trump-meets-security-chiefs-on-venezuela-1764638490172">Maduro lashes out at Washington’s 'slave’s peace' as Trump meets security chiefs on Venezuela</a><h2>What fraud?</h2>According to CBS, Minnesota has been dealing with a series of major fraud scandals linked to public assistance programs, most notably the massive Feeding Our Future case. Prosecutors say dozens of figures stole $250 million in federal nutrition aid under the guise of helping distribute meals during the COVID-19 pandemic. Fraud charges have also been brought in housing and autism-related programs.Many of the defendants in these cases come from Minnesota’s large Somali community, a fact that has fuelled political attacks. Kayseh Magan, a former investigator in the state attorney general’s office, wrote last year that while some scammers came from within the community, many community members were also victims of the schemes.Also read | <a href="https://www.wionews.com/world/luigi-mangione-held-under-constant-watch-guard-tells-court-officials-were-trying-to-avoid-an-epstein-style-scandal-1764653923243">Luigi Mangione held under constant watch? Guard tells court officials were trying to avoid an 'Epstein-style' scandal</a>Trump has repeatedly targeted Somali immigrants in the state. He recently claimed Minnesota had become a "hub of fraudulent money laundering activity," and announced an end to temporary deportation protections for Somali nationals. He went further last week, accusing "hundreds of thousands of Somalians are ripping off our country and ripping apart that once great state", but without offering any evidence.Walz and other Democrats have pushed back, warning against blanket attacks on Minnesota’s Somali population. Walz told reporters last month ""Do not paint an entire group of people with that same brush, demonizing them, putting them at risk, when there is no proof of that." &nbsp;

Treasury Secretary Scott Bessent says the US is probing claims that Minnesota tax money stolen in welfare fraud may have reached al Shabaab. He blamed Biden and Gov. Tim Walz. 

The Trump administration is digging into whether any Minnesota tax money was funnelled to al Shabaab, a Somalia-based militant group which the US designates as a foreign terrorist organisation, said Treasury Secretary Scott Bessent, said Monday. On X, Bessent said that the inquiry is tied to what he called the "feckless mismanagement" of the Biden administration and Minnesota Governor Tim Walz. Walz, Biden and al-Shabaab In a X post, Bessent said that the US treasury was "investigating allegations that under the feckless mismanagement of the Biden Administration and Governor Tim Walz, hardworking Minnesotans' tax dollars may have been diverted to the terrorist organisation Al-Shabaab." He flagged a report from the conservative outlet City Journal that cited unnamed law enforcement officials and alleged that millions stolen from state welfare programs may have "ultimately landed in the hands of the terror group Al-Shabaab". That report prompted several Republican lawmakers, including Minnesota Rep. Tom Emmer, to urge federal prosecutors to investigate.

Treasury Secretary Scott Bessent says the US is probing claims that Minnesota tax money stolen in welfare fraud may have reached al-Shabaab. He blamed Biden and Gov. Tim Walz.&nbsp;

Did stolen Minnesota welfare funds funnelled to terror group al Shabaab? Trump administration probes explosive claim

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