Overview

• Treasury Secretary Scott Bessent outlined plans to shut down Iran's oil sector and drone manufacturing capabilities during a speech at the Economic Club of New York.
• The Trump administration aims to collapse Iran's economy by cutting off access to the international financial system and reducing oil exports to near zero.
• Bessent emphasized that the sanctions are part of an 'updated sanctions policy' designed for immediate maximum impact against Iran, following reports of assassination attempts on Trump by Iranian operatives.
• The administration also plans to impose stricter sanctions on Russia's energy exports to compel negotiations aimed at ending the ongoing war in Ukraine.
• Bessent warned about the risks of overusing sanctions, citing concerns about undermining the U.S. dollar's global supremacy and creating alternative markets for sanctioned entities.