US Treasury Sanctions Iran's Oil and Digital Assets, Avoiding China Clash

The US Treasury announced new sanctions targeting Iran's economy, focusing on digital assets and oil trade, while avoiding direct confrontation with China. The move follows earlier threats of harsher action. Treasury Secretary Scott Bessent shifted from his weekend warning of a major financial offensive to a more moderate approach at an Aug 24 press conference. The sanctions target 60 entities linked to Iran's oil trade and military, aiming to cut off revenue streams. Sanctions are expected to remain the primary US policy tool until the mid-term elections, with military options only considered feasible afterward. The strategy emphasizes quiet diplomacy over aggressive escalation.