Bessent Vows 'Never Seen' Iran Measures Next Week
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- Trump vowed Friday to hit Iran hard economically, a day after Treasury Secretary Scott Bessent said Washington would impose measures "never been seen" as soon as next week.
- OFAC has sanctioned more than 1,000 people, vessels and aircraft since Trump's second term began, recently targeting Iran's shadow oil fleet, shipping insurers, weapons-procurement facilitators, and digital exchanges — freezing an estimated $500 billion in Iran-linked cryptocurrency.
- China buys more than 80% of Iran's shipped oil (per Kpler 2025 data), with independent "teapot" refineries absorbing much of that trade; sanctions experts say these refiners are "somewhat immune" due to limited U.S. financial system exposure.
- Treasury has warned two unidentified larger Chinese banks they could face secondary sanctions for processing Iranian funds but stopped short of designating them, fearing Beijing retaliation that could restrict critical mineral exports.
- Brett Erickson of Obsidian Risk Advisors called the ongoing targeting of Iranian sanctions-evasion networks a "whack-a-mole" approach that hasn't altered Iran's behavior, with Tehran simply creating new entities to replace sanctioned ones.
- A land blockade of Iran would require cooperation from seven neighbors — Iraq, Turkey, Pakistan, Afghanistan, Turkmenistan, Azerbaijan, and Armenia — with Trump holding potential leverage over Pakistan (recent $10 billion currency swap request) and Turkey (seeking F-35 program reentry).
- The Senate passed a Russia sanctions bill last week that includes new Iran measures and would grant Trump new tariff authority against countries aiding Iran's commerce; the bill must still clear the House amid bipartisan tariff concerns.
Why it matters: Bessent's 'never seen' promise comes after the administration has already sanctioned 1,000+ targets and frozen $500 billion in Iran-linked crypto, yet experts concede the existing whack-a-mole approach hasn't changed Iran's behavior — meaning new measures must succeed where 18 months of escalation have stalled, without triggering Beijing retaliation on critical minerals.
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