A vessel in the Strait of Hormuz, off the coast of Oman’s Musandam Province, on April 12, 2026. Reuters
Two Chinese banks recently received letters from the U.S. Treasury threatening secondary sanctions if the agency can prove that Iranian money is flowing through their accounts, Treasury Secretary Scott Bessent said on April 15.
The Treasury Department announced on April 14 that it would hit foreign banks and financial institutions with secondary sanctions if they “continue to support Iran’s activities” while the regime remains at war with the United States.
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