South Korea pledges support for Hormuz after talks with Rubio
Treasury Secretary Scott Bessent announced determinations on digital assets, technology, gold, aviation and shipping, and close to 60 targets. China's foreign ministry said it would protect its interests. Cho Hyun pledged a Hormuz contribution after talking to Marco Rubio.
Geopolitics··Midday
Bessent lists five sectors and close to 60 targets as Tehran cites a two-year plan
US Treasury Secretary Scott Bessent announced determinations against five sectors — digital assets, technology, gold, aviation and shipping — and sanctions on close to 60 entities, individuals and vessels. Iran's economy minister Ali Madanizadeh said the government had a two-year plan ready and knew how to play the game. Bessent said governments trading with Iran cannot claim ignorance of what they were enabling, and that Trump would call leaders individually; he named no target countries.[1]
China's foreign ministry moves to protect its interests as about 90 per cent of Iran's oil goes to China
China's foreign ministry said sanctions and pressure did not help and that Beijing would do what was necessary to protect its interests. David Oxley of Capital Economics noted that roughly 90 per cent of Iran's oil goes to China and judged the package's direct short-term effect limited. Brent crude stood at 92 dollars a barrel on Monday.[1]
Cho Hyun keeps the nuclear file open with Rubio and pledges a Hormuz contribution
South Korea's foreign ministry said Minister Cho Hyun and US Secretary of State Marco Rubio agreed in a Monday phone call to keep up close communication and cooperation on North Korea's nuclear issue and peace on the Korean Peninsula. A two-sentence readout from State Department spokesperson Tommy Pigott instead noted the need for close coordination on matters integral to the alliance, and did not mention the nuclear issue. The call came after Trump said he expects to meet Kim Jong-un this year and, last week, declined to answer whether denuclearisation remains his goal. Cho said Seoul would do its best to help Trump's message to North Korea restart dialogue between Washington and Pyongyang. The two ministers also agreed to work for mutually beneficial outcomes on pending issues including tariffs, an investment agreement and security cooperation. After Trump complained that Seoul had not answered his request for help securing the Strait of Hormuz, Cho stressed a commitment to making substantive contributions to restoring free passage there.[2]
