‘Operation Economic Fury under way’: US warns nations against buying Iranian oil, urges freeze on IRGC funds
&imwidth=600&imheight=450&format=webp&quality=medium "‘Operation Economic Fury under way’: US warns nations against buying Iranian oil, urges freeze on IRGC funds")
US Treasury Secretary Scott Bessent said that the US will now ramp up its infliction of economic pain on Iran. Photograph: (Screengrab from video on X)
US Treasury Secretary Scott Bessent said Iran made the mistake of bombing other nations in the Middle East, and those countries are now being “more transparent” about the Iranian funds in their banking systems. He further said that countries are being warned against buying Iranian oil.
US Treasury Secretary Scott Bessent addressed a White House press briefing along with Press Secretary Karoline Leavitt on Wednesday and said that though airstrikes under ‘Operation Epic Fury’ have halted during the ceasefire, ‘Operation Economic Fury’ is under way against Iran. Bessent said that the US will now ramp up its infliction of economic pain on Iran. He added that the effort would be the “financial equivalent” of a bombing campaign.
The US Treasury Secretary said that countries are being cautioned against buying Iranian oil and have been told that the US will consider secondary sanctions on them if they have Iranian cash in their banks.
Bessent further said that Iran made the mistake of bombing other nations in the Middle East, and those countries are now being “more transparent” about the Iranian funds in their banking systems.
The US has urged those nations to freeze the bank accounts and funds of Iran’s Islamic Revolutionary Guard Corps (IRGC) and will consider secondary sanctions on them if they don’t, he added.
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‘Two Chinese banks got US Treasury warning letters’
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On being asked if Trump’s threat of a 50% tariff on China is still on the table, Leavitt said President Xi Jinping has assured Donald Trump that China is not supplying Iran with weapons in this conflict, and Chinese banks have been warned about holding Iranian funds.
Bessent said two Chinese banks got letters from the US treasury that if they can prove there is Iranian cash in their accounts the US is willing to slap secondary sanctions on those banks.
He did not identify the two Chinese banks.
‘Iranian port blockade now fully implemented’
On being asked how long the US Navy blockade of Iranian ports will go on, Leavitt said she will “never set timelines on behalf of the president” but said that the operation has now been fully implemented.
The blockade is being enforced against vessels of all nations that are entering or departing Iranian ports, she said.
She added that the US forces are supporting freedom of navigation for vessels transiting the strait outside of the ports.
‘US will not be renew waivers allowing purchase of Russian and Iranian oil’
Treasury Secretary Scott Bessent said that the US government “will not be renewing the general licence” on Russian oil, nor one on Iranian oil.
These were temporary waivers of sanctions that allowed for the purchase of Russian and Iranian oil that was already at sea at the time.
Bessent clarified that those waivers were on “oil that was on the water prior to March 11th, so all that has been used.”
‘Plans for another round of peace talks still being discussed’
Leavitt shared that plans for another round of in-person peace talks are still being discussed, and would likely be held again in Islamabad, Pakistan.
“The Pakistanis have been incredible mediators and we really appreciate their friendship and efforts to bring this deal to a close,” she said.
The President feels it’s important to continue to streamline this communication through the Pakistanis, Leavitt added.
Leavitt also rebuffed reports saying that the US asked to formally extend the Iran ceasefire and said they are “not true”.
