Several media are playing up Treasury Secretary Scott Bessent’s announcement on Friday that the U.S. is trying to tighten further the embargo (it is more than a blockade, more like the UK embargo of German shipping in World War I) of Iran, both oil and money flows. More surprising, Bessent made clear it also has been applied back on Russian shipping, particularly of oil. The Iran embargo includes new sanctioning of a Chinese refinery, Hengli, which refines about 400,000 bpd.
On Russia, all the sanctioning before the recent lifting for oil at sea, has been reinstated, according to the Lord Bessent. “We will follow the money that Tehran is desperately attempting to move outside of the country and target all financial lifelines tied to the regime,” Bessent said.
