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

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.