US Welcomes EU Joining Iran Sanctions Operation... South Korea Considers Deployment to Hormuz

Bessent: "Appreciate the EU's swift response
All financial lifelines for Iranian regime will be cut"
South Korea continues talks to secure freedom of navigation in Hormuz

The Donald Trump administration has welcomed the announcement by the European Union (EU) that it will support the U.S.-led economic sanctions operation against Iran.

Fed Governor Scott Bessent attended the Group of Twenty (G20) finance ministers and central bank governors meeting on the 1st (local time). Photo by AP Yonhap News

According to CNBC, U.S. Treasury Secretary Scott Bessent commented via his social media account on the 3rd (local time), mentioning the EU's participation in "Operation Economic Outcast," and stated, "We appreciate the strong and swift response." He also said, "We will not stop until every remaining financial lifeline to the Iranian regime is severed."

Operation Economic Outcast, launched by the Trump administration on the 24th of last month, is a comprehensive sanctions campaign that blocks Iran's access to digital assets, advanced technology procurement, gold reserves, commercial aviation, and shipping. Secretary Bessent described this as an "economic onslaught" targeting Iran’s international financial networks.

Prior to the opening of the Group of Twenty (G20) finance ministers and central bank governors meeting on the 31st of last month, Secretary Bessent called on countries to sever financial ties with Iran. He warned that financial institutions failing to comply would be subject to secondary sanctions, which could remove them from the dollar-based financial system. Before the war, China, Iran's largest trading partner, purchased about 90% of the sanctioned Iranian crude oil.

On the 31st of last month, the EU announced its support for the U.S. economic isolation campaign, stating that additional economic pressure is necessary to halt Iran’s destabilizing activities and to restart peace talks. The EU also emphasized the need to guarantee full freedom of navigation and safe passage through the Strait of Hormuz and indicated that it is prepared to take further action, if necessary, to protect the security and interests of the EU, including this area. The EU reaffirmed its plan to maintain pressure on Iran in close coordination with the United States and the Group of Seven (G7).

The context for Europe aligning with U.S. pressure on Iran appears to be that prolonged military tensions surrounding the Strait of Hormuz have significantly increased the economic burden on Europe. The Guardian reported that rising energy prices caused by the war with Iran are intensifying inflationary pressures across Europe. Germany also cited the inflationary impact of the war and urged the United States to seek a diplomatic resolution.

As of this date, South Korea is also reviewing several measures, including military support, to help reopen the Strait of Hormuz at the request of the United States. The Korean government is considering options for contributing militarily to international efforts to maintain freedom of navigation in the Strait of Hormuz. Although a final decision has not been made regarding troop deployment or the specific types of forces to be sent, it has been confirmed that various options, both combat and non-combat, are under discussion.

Military conflict between the United States and Iran has once again escalated. U.S. forces have conducted airstrikes on military facilities inside Iran in response to attacks on ships and American personnel, while Iran launched missiles at U.S. military bases in the Middle East. Vessel traffic through the Strait of Hormuz, which handled about 20% of the world’s oil shipments before the war, remains severely restricted. On this day, U.S. Central Command announced that it had rerouted 87 commercial vessels, disabled three, and boarded and searched two others.

This content was produced with the assistance of AI translation services.