Scott Bessent Slaps NATO Ally and Spares Xi Jinping's Blushes on Iran
Summary
The U.S. Treasury sanctioned a Turkish bank for helping Iran move money linked to its oil sales, including funds from China. This action is part of a campaign to cut off Iran’s revenue but avoids targeting major Chinese banks ahead of President Xi Jinping’s visit to Washington, which aims to improve U.S.-China relations.Key Facts
- The U.S. Treasury sanctioned Golden Global Yatirim Bankasi, based in Turkey, for facilitating Iranian financial flows linked to the IRGC-QF (Iran’s Islamic Revolutionary Guard Corps-Quds Force).
- The bank helped transfer Iranian oil revenue from China to Turkey, where it could be converted into cash and gold.
- Turkey is a NATO ally, and targeting a Turkish bank shows the effort reaches close partners.
- The Treasury’s campaign, called Operation Economic Outcast, aims to block all sources of revenue for Iran.
- Despite sanctions on smaller firms related to China, the U.S. stopped short of sanctioning major Chinese banks before Xi Jinping’s upcoming visit to Washington in late September.
- Treasury officials deny being reluctant to confront China, citing concerns about disrupting the global financial system and current trade truce efforts.
- China opposes the sanctions and says economic pressure will not solve issues, emphasizing continued cooperation with Iran.
- The U.S. faces a choice between escalating sanctions against China’s financial institutions or focusing on smaller intermediaries to pressure Iran’s oil money flow.
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