LONDON: Sheikh Salman bin Khalifa Al-Khalifa, the Bahraini finance minister, discussed “Operation Economic Outcast,” which triggered sweeping global sanctions on Iran this week, with US Treasury Secretary Scott Bessent.
During a call on Tuesday, Sheikh Salman and Bessent discussed efforts to address threats to regional security, international trade, and illicit finance in the region, according to the Bahrain News Agency.
Sheikh Salman said that the Strait of Hormuz must not be used as an instrument of economic pressure or extortion and that attacks on commercial shipping raise costs for producers and consumers alike and put the stability of international markets at risk. He reiterated Bahrain’s view that peace and stability in the Middle East and secure sea lanes for global trade are crucial, the BNA added.
Hormuz, a waterway in the Gulf, has been largely blocked by Iran, disrupting energy flow to the international market, since the US and Israel launched their military campaign against Tehran on Feb. 28.
The US sanctions on Iran have been long in place on its oil and banking sectors as Tehran remained adamant in developing its nuclear program and ballistic missiles. The newly announced sanctions extend to digital assets, technology, gold, aviation, and shipping, and threaten any country financially partnering with Iran. US President Donald Trump described them as “economic D-Day” and hoped that they would topple the regime in Tehran.
