Scott Bessent said Washington is working with European and Gulf allies to target Iranian financial networks, freeze assets and disrupt funding channels linked to Tehran.
A proposal to place Donald Trump on a new $250 banknote has reignited debate over US currency laws, Treasury practices and long-standing traditions governing banknote design.
The decision was announced by US Treasury Secretary Scott Bessent, who said the move will help stabilise crude prices which have skyrocketed due to the disruptions in the Strait of Hormuz, a key shipping route in the Persian Gulf.
Washington moves to end temporary oil transaction relief and targets Iran-linked networks, signalling a sharper economic push as tensions in West Asia continue to impact global energy flows.
Washington has moved to ease pressure on energy markets by allowing limited Russian oil transactions, as conflict-driven disruptions raise concerns over global supply stability.
The waiver was announced Friday by US Treasury Secretary Scott Bessent, underscoring how Washington is attempting to balance pressure on Moscow with the realities of global energy dependence, while reinforcing its ‘Asian pivot’ towards New Delhi.
US Treasury Secretary Scott Bessent said the measure was designed as a short-term step to ensure the continued flow of oil into global markets without providing substantial financial gains to Moscow.
Amid the escalating conflict in Iran and the Gulf region, the United States has allowed a 30-day waiver for India to purchase Russian Oil to meet its energy requirements.
His remarks came ahead of the announcement of "mother of all deals" between India and the European Union.
“Our European allies have refused to put tariffs on India for buying Russian energy. That’s because they want to sign a big trade deal with India,” Bessent said in an interview with Politico.
