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Bessent Says Iran Backers Will Be Cut Off From US Dollar System, Major Sanction Due This Week
Summary
- US Treasury Secretary Scott Bessent said countries supporting Iran will be cut off from the US dollar system.
- Bessent said any country helping Iran should be prepared to face US sanctions.
- He added that one major financial institution tied to Iran will be sanctioned by the end of this week.
Forecast Trend Report by Period
US Treasury Secretary Scott Bessent said countries that support Iran will be cut off from the US dollar system. He added that sanctions on a major financial institution tied to Iran will be announced this week.
Walter Bloomberg reported on August 24 that Bessent laid out sanctions plans for countries backing Iran, saying, "Any country that helps Iran will be removed from the US dollar system."
Addressing ties between China and Iran, Bessent said no one is beyond the reach of US sanctions. Any country supporting Iran should be prepared to face US sanctions, he added.
He said he would not provide a specific deadline for severing ties with Iran. Still, "our patience is not unlimited," and attempts to appease Iran will no longer work, he said.
Bessent also said one major financial institution will be sanctioned over Iran by the end of this week.
JH Kim
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