Bessent Calls for Global Action Against Iran Financing
Treasury Secretary Scott Bessent is calling on international allies to dismantle Iranian shadow banking networks and shutter overseas bank branches. The Treasury Department plans to modernize its sanctions architecture by removing obsolete designations to help institutions focus on sophisticated evasion schemes.
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United States Treasury Secretary Scott Bessent called for allies to disrupt Iran's financing networks and froze nearly half a billion dollars in cryptocurrency on Tuesday. The move expands the "Economic Fury" program to modernize sanctions and unmask shadow banking networks used by Iran. Investors are monitoring these restrictions as the U.S. attempts to reopen the Strait of Hormuz to stabilize vital oil flows.
