China's teapots pause Iran oil orders after US sanctions refinery

US Treasury Secretary Scott Bessent told executives from major global banks on Wednesday that Washington is prepared to impose broader sanctions on Iran and called for their cooperation in ramping up financial pressure on the Islamic Republic.

“Our strategy is clear: We will apply economic pressure to the maximum extent possible to disrupt the Iranian regime’s access to the financial resources that fuel its destabilizing activities,” Bessent said. “This includes the billions of dollars Iran generates annually from oil sales.”

During his first term, President Donald Trump imposed sweeping sanctions on Iran, targeting its oil exports and foreign banking operations.

Iran’s economy is now in deep crisis, as its reduced oil revenues are no longer sufficient to sustain its energy-dependent economy.

A former senior Iranian diplomat has warned that certain actors are actively working to prevent improved relations between Iran and the West, emphasizing the need for Tehran to maintain a balanced foreign policy with all global powers.

Jalal Sadatian, who previously served as Iran’s ambassador to the United Kingdom, told the ILNA news website in Tehran: “It is important to recognize that there are serious enemies of Iran’s national interests who do not want to see improved relations with Europe and the United States.”

“Maintaining a balanced foreign policy is essential to safeguard the country’s national interests and security,” Sadatian said, adding, “We must remain aware of the severe risks posed by sanctions in order to navigate this critical phase successfully.”

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