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US Treasury Secretary Bessent says Asian allies need to better police Iran’s shadow fleet to prevent transfers of Iranian oil to non-sanctioned tankers, Reuters reports

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US Treasury Secretary Bessent says Asian allies need to better police Iran’s shadow fleet to prevent transfers of Iranian oil to non-sanctioned tankers, Reuters reports

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Says: 

  • G7 countries are working on critical minerals inventory reserves, pricing, and price-floor mechanisms to prevent China from undercutting alternative supply efforts.
  • European allies need to better enforce Iran sanctions by closing Iranian bank branches and confiscating property held by firms linked to Iran’s regime.
  • G7 discussions on global imbalances emphasise presenting IMF data to confront China on the impact of its export push.

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