Scott Bessent, the U.S. Treasury Secretary, met with representatives of 16 global banks and federal law enforcement agencies to discuss U.S. sanctions policies against the Iranian regime, particularly efforts to reduce Iran’s oil exports. He also hinted at the possibility of increased sanctions against Tehran.
On Wednesday, April 2, in Washington, D.C., Bessent announced that the Trump administration is exerting maximum pressure on the Iranian regime to prevent it from accessing financial resources, which are used to fund Hamas and other militant groups in the Middle East, as well as the Iranian regime’s nuclear program.
He stated that these financial resources include billions of dollars that the Iranian regime earns annually from oil sales, which it uses to fund its dangerous programs and support several terrorist groups.
On February 4, former President Donald Trump issued an executive order to resume the maximum pressure policy on the regime. This order specifically emphasized that Iranian oil exports must be reduced to zero.
U.S. Sanctions
In March, the U.S. Treasury Department imposed sanctions on oil tankers carrying Iranian oil and an independent Chinese refinery known as “Teapot,” which processes Iranian oil. Due to concerns over U.S. sanctions, China’s state-owned refineries have stopped purchasing Iranian oil.
Bessent, in his remarks, referenced sanctions on the small Shandong refinery and its CEO, who had purchased and processed hundreds of millions of dollars’ worth of Iranian crude oil. This oil included shipments from vessels linked to the Houthis and Iranian regime’s Ministry of Defense.
The U.S. Treasury Secretary stated that the purchase of Iranian oil by small Teapot refineries serves as a major economic lifeline for the Iranian government.
Warning About Iran’s Secret Banking Network
Bessent also warned banks that the Iranian government conducts its foreign currency transactions through a shadowy and secret banking network. He added that his message to financial institutions worldwide is clear: Protect your institutions from exploitation by this malicious network so that you can serve your legitimate customers with integrity.
Washington’s Tools to Counter Iran
Bessent stated that the U.S. Treasury Department utilizes tools such as the meeting held on Wednesday, April 2, to bring together financial institutions, regulatory bodies, and law enforcement agencies to counter what he described as Iran’s illegal revenue channels.
He also told Bloomberg in an interview that additional sanctions might be imposed on the Iranian regime.
The U.S. Treasury Department did not disclose which banks and institutions participated in the meeting.
In an interview with NBC News, Donald Trump threatened to impose secondary tariffs on buyers of goods from Iran and Russia. In March, he signed an executive order to enforce similar tariffs on buyers of Venezuelan oil.
