US Treasury Secretary Scott Bessent announces sanctions on Iran

US Treasury Secretary Scott Bessent has announced new sanctions targeting Iran’s automotive and railway sectors as part of ‘Operation Economic Outcast.’ The measures aim to disrupt Tehran’s financial capabilities. The sanctions also name several companies linked to the Iranian metal industry, including the Chinese subsidiary of the Middle Eastern manufacturer HEPCO.

Additionally, the Treasury Department has sanctioned the A7 network, described as a ‘shadow banking network with connections to Russia’ used by the Iranian regime to bypass existing sanctions. Bessent stated that these actions are intended to restrict the regime’s ability to finance its military operations.

Separately, Bessent addressed rising US Treasury yields, characterizing the movement as a normal market mechanism and a global phenomenon rather than a signal of crisis. He argued that the increase reflects investor pricing of risk and persistent price pressures, warning against political interventions in response to interest rate fluctuations.