US Treasury to shut down Iran's financial system
Shafaq News/ On Thursday, US Treasury Department pledged to shut down the international financial system of Iran.
The Secretary of Treasury, Scott Bessent, stated at the Economic Club of New York that "making Iran broke again will mark the beginning of our updated sanctions policy," adding, “If I were an Iranian, I would get all my money out of the rial now
The US treasury would move away from “lackadaisical sanctions that create opportunities for circumvention,” he said, emphasizing that future sanctions would be enforced for “immediate maximum impact.”
“We are going to shut down Iran’s oil sector and drone manufacturing capabilities,” Bessent further pointed out.
Iran's oil exports have varied significantly in recent years, heavily influenced by Washington's enforcement of sanctions and Tehran's efforts to find new routes to deliver oil to its primary customer, China. In 2017, before the imposition of US sanctions, Iran exported 2.5 million barrels per day. However, by 2020, this number had dropped sharply to around 350,000 bpd.
With Joe Biden's arrival in office in 2021, Iran's oil exports began to recover, reaching nearly 1.9 million bpd in the summer of 2024. However, following the Biden administration's sanctions on numerous tankers involved in smuggling Iranian oil, exports fell by 500,000 bpd in the last quarter of 2024.
Earlier today, Reuters reported US President, Donald Trump officials exploring options to enable “allied nations to stop and inspect” Iranian oil vessels.
