Treasury escalates economic pressure on Tehran while Warren prepares to blast ethics proposal as a 'weak fig leaf' in Senate vote.
Published
The Treasury Department imposed new sanctions Monday on Russia's VTB Bank, the country's second-largest financial institution, accusing it of helping Iran evade restrictions. The move targets VTB's financial ties to Tehran and represents the latest US effort to isolate Iran's economy, with Treasury Secretary Scott Bessent pushing European and Gulf partners to cut sources of Iranian revenue.
Meanwhile, Senator Elizabeth Warren prepared to tear into the latest Clarity Act ethics proposal on the Senate floor, calling it a "weak fig leaf" blessed by Trump ahead of a key preliminary vote. Warren's criticism signals Democratic opposition to the measure as it faces its first legislative test.
In market action, AI stocks retreated while the broader Wall Street held steadier after oil prices gave back an early jump. The divergence highlights continued volatility in technology equities amid shifting energy markets.
The Trump administration also moved to dismantle Obama and Biden-era greenhouse gas requirements for power plants, completing a systematic rollback of climate regulations implemented under the previous two administrations.
Canadian Prime Minister Mark Carney urged the EU to cement a trade deal, telling the Financial Times deeper ties with Europe would make both sides "more resilient" amid Trump-era trade turmoil. Ottawa is actively seeking to pivot from US economic dependence toward European partnerships.
Sources: 1.