US to reinstate sanctions on Iranian oil

The administration of Donald Trump said on April 15 it will reinstate sanctions on Iranian crude oil, stepping up pressure on Tehran as expectations build for a second round of U.S.-Iran ceasefire talks.

U.S. officials said letters have already been sent to two Chinese banks suspected of handling funds tied to Iranian oil transactions. Washington warned it will impose secondary sanctions if those links are confirmed. Treasury Secretary Scott Bessent described the campaign as “Economic Fury,” a name derived from “Epic Fury,” the U.S.-Israel airstrike operation launched on Feb. 28.

The move appears designed to strengthen Washington’s leverage ahead of renewed negotiations, particularly over Iran’s nuclear program.

Bessent said the United States will not renew general licenses that had allowed limited transactions involving Iranian and Russian crude. The waivers, introduced for a month after the conflict pushed global oil prices sharply higher, will be allowed to lapse. He indicated Washington is prepared to tolerate higher prices to cut off a key source of revenue for both countries.

He also signaled potential secondary sanctions on Chinese entities, noting that China purchases up to 90 percent of Iran’s oil exports. Such measures would extend penalties to foreign governments, companies and individuals that do business with sanctioned countries, effectively warning Beijing while tightening Iran’s economic isolation.

The decision suggests Washington believes its countermeasures around the Strait of Hormuz, a vital oil shipping route Iran has sought to restrict, are beginning to show results. Officials appear ready to deploy additional economic tools to further squeeze Tehran’s financial channels.

The Washington Post reported that about 6,000 U.S. troops aboard the aircraft carrier USS George H. W. Bush and its accompanying warships are expected to arrive in the Middle East around April 22, one day after a two-week truce between Washington and Tehran is due to end.

At the same time, negotiators from both sides have moved closer to a basic framework for ending the conflict through back-channel contacts, according to Axios.

Separately, Trump said on Truth Social that the leaders of Israel and Lebanon are scheduled to meet on April 16, signaling that both sides may be working toward a ceasefire agreement.


Jin-Woo Shin niceshin@donga.com