'Iran's Illegal Oil Trade Won't Be Tolerated', America Issues Fresh Warning

Washington: The US has launched a major campaign against Iran's alleged global financial and oil smuggling network. US Treasury Secretary Scott Besant said the Treasury Department has identified networks that are being used to move Iranian oil, raise funds and evade sanctions. America has also warned the countries of the world to follow the deadline to stop their activities supporting Iran, otherwise they may face sanctions.

Did America target Iran's economic network?

According to US Treasury Secretary Scott Besant, the main objective of this campaign is to target the economic avenues that Iran uses to raise revenue and avoid international sanctions. The US Treasury says that the focus of the action will be on the oil business related to Iran and the financial networks associated with it.

Action under 'Operation Economic Outcast'?

Besant said that the US Treasury, under the 'Operation Economic Outcast' plan, has identified the entities, facilitators and networks that were used for alleged smuggling of Iranian oil and evading sanctions. America is now preparing to intensify action against activities reaching out of Washington.

Ban on about 60 institutions, individuals and ships?

Under this campaign, new sanctions have been said to be imposed on about 60 institutions, individuals and ships related to Iran. These also include targets related to oil, nuclear, missile and cyber networks. America says it wants to increase pressure on Iran's financial resources and oil earnings.

Warning to countries buying Iranian oil?

The US has indicated that countries or companies that help purchase Iranian oil may also face the risk of US sanctions. According to Besant, if any institution helps in laundering money for Iran, it could be excluded from the US dollar-based financial system.

Has America set a new deadline?

According to US officials, many countries have been given a deadline to stop their activities and review business relationships related to Iran. The US administration says that during this period, governments will have to take action against activities identified by Washington.

Did Iran's parliament challenge America?

Meanwhile, Iran's Parliament Speaker Mohammad Baqir Ghalibaf rejected Washington's threats and said that Iran is not going to come under pressure. He also said that countries doing business with Iran have been told not to comply with US sanctions.

This increasing economic conflict between America and Iran may also affect the international oil business and global trade relations. In the coming days, it will be important to see what action Iran and its trading partners take on America's new action.