The US government’s ‘Economic D-Day’ against Iran was something of a damp squib. The new measures amounted to another range of sanctions against the country’s oil sector and a warning to countries that they could face severe economic repercussions if they continue trading with Iran. “Why would I want to blow up the global financial system?” responded Treasury Secretary Scott Bessent to questions as to why countries were being given time to wind down their dealings with Iran.
When it comes to the measures that were enacted on 24 August, the Department of the Treasury sanctioned prominent UAE based firm Wellbred Trading in its latest attempt to crack down on Iran-linked traders operating out of Dubai. (CONTINUED - 424 WORDS)