Bessent
5 stories from Middle East Affairs.
US widens Iran financial crackdown as Bank Melli shutters overseas
The US Treasury announced a new sanctions campaign against Iran and designated Bank Melli, the Iranian state's largest bank, requiring all its foreign branches to close; Britain sanctioned Melli Bank plc, the institution's London subsidiary, though it continues to operate under a general license.
Britain keeps Iran's London bank open—but on life support
Britain has frozen the assets of an Iranian state bank's London subsidiary but kept its banking license active under a restricted general license, allowing only payroll, pensions, IT costs and audit fees.
U.S. targets Iran's largest bank as Britain weighs shuttering London subsidiary
The U.S. Treasury designated Bank Melli, Iran's largest state bank, in a new sanctions campaign, while the British government holds the key to shuttering its London subsidiary.
U.S. tightens Iran bank sanctions as Britain holds firm on license
The U.S. Treasury designated Bank Melli and demanded closure of all foreign branches, while Britain has sanctioned the bank's London subsidiary but left its banking license intact.
Bessent's claim that Hormuz will lose value faces skeptical analysts
U.S. Treasury Secretary Scott Bessent predicted the Strait of Hormuz would become "worthless" within two years as new pipelines divert energy exports, but energy analysts say the critical waterway will retain strategic importance for container shipping and liquefied natural gas.
