US imposes sanctions targeting Iran oil trade
A network of companies run by Iraqi-British national Salim Ahmed Said has been buying and shipping billions of dollars worth of Iranian oil disguised as, or blended with, Iraqi oil since at least 2020, the department said.
"Treasury will continue to target Tehran's revenue sources and intensify economic pressure to disrupt the regime's access to the financial resources that fuel its destabilizing activities," Treasury Secretary Scott Bessent said.
The US has imposed waves of sanctions on Iran's oil exports over its nuclear program and funding of militant groups across the Middle East.
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Express Tribune
3 hours ago
- Express Tribune
India can't turn off the tap, warns PM
Prime Minister Shehbaz Sharif meets Turkish President Recep Tayyip Erdogan on the sidelines of the 17th ECO Summit in Khankendi, Azerbaijan. PHOTO: ONLINE Listen to article Prime Minister Shehbaz Sharif on Friday urged the Economic Cooperation Organization (ECO) member states to deepen collaboration in response to the pressing regional and global challenges, particularly climate change and geopolitical instability. Addressing the 17th ECO summit, the prime minister underscored the urgent need for collective action as ECO member states struggle with the severe consequences of climate change, from melting glaciers and desertification to extreme weather events and declining agricultural productivity. "These challenges threaten the food security and livelihoods of millions. Pakistan remains among the top 10 countries most vulnerable to climate change," he said, recalling the catastrophic 2022 floods that displaced over 33 million people in Pakistan. The prime minister also drew attention to what he called the "weaponization of water" by India, referencing New Delhi's violations of the Indus Waters Treaty and the recent ruling by the Permanent Court of Arbitration. "This violation is completely unacceptable. Indus waters are a lifeline for Pakistan's 240 million people. India's actions amount to aggression." He categorically said that under no circumstances, India could not be allowed to pursue this dangerous path that will amount to an act of aggression against people of Pakistan. Just last week, he said several lives were tragically lost in the affected districts of Pakistan. "Pakistan on its part has undertaken a series of climate related policy initiatives and is aggressively pursuing of 4F plans focusing on resilience, recovery, rehabilitation and reconstruction," he added. The prime minister said in this regard Pakistan proposed the development of low emissions corridors and regional disaster resilience system. "A dedicated framework to mobilize climate finance along with regional clean energy corridors and eco-tourism initiatives can further drive inclusive sustainable growth creating green jobs, especially for youth and women and supporting livelihoods," he said. Condemning the Israel's recent strike on Iran, the prime minister called it "unlawful, unjustified and uncalled for," and expressed deep condolences to the Iranian people. "Pakistan strongly condemns this act of Israeli aggression We pray for a speedy recovery of our injured brothers and sisters in Iran." Furthermore, he said the unprovoked and reckless Indian hostility directed towards Pakistan after an unfortunate incident in the Indian-Illegally Occupied Jammu and Kashmir (IIOJK) was yet another attempt to destabilize regional peace. "The world witnessed the steadfast resolve of our valiant armed forces under the leadership of Field Marshal Syed Asim Munir," the prime minister said. 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The prime minister thanked ECO member states for designating Lahore as the ECO Tourism Capital for 2027, inviting all delegates to experience Pakistan's rich cultural heritage. "Lahore, the cultural heart of Pakistan, will enthrall all who visit us. We extend a warm invitation to all member states." Turkish President Prime Minister Shehbaz Sharif on Friday met with President of Turkiye Recep Tayyip Erdogan on the sidelines of the 17th ECO Summit in Khankendi and discussed matters of mutual interest. The two leaders engaged in a comprehensive review of bilateral relations and exchanged views on key regional developments. The two leaders reiterated their resolve and commitment to bringing about a meaningful progress in relations between the two countries, in all important sectors. Both leaders emphasized the importance of deepening cooperation in trade, defense, energy, connectivity, and investment sectors. 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During the meeting, both leaders reviewed the ongoing bilateral cooperation across all areas and expressed satisfaction over the progress made on decisions taken during their last meeting for further strengthening of Pakistan-Iran relations. The two leaders also discussed the evolving regional situation in the wake of the Israel's illegitimate aggression against Iran. Prime Minister Shehbaz appreciated President Pezeshkian's leadership and lauded Iran's decision to reach a ceasefire during recent crisis. President Pezeshkian appreciated Pakistan's strong diplomatic support to Iran, including at the international forums, during the crisis and thanked him for Pakistan's vital role in de-escalating the conflict. The prime minister requested the Iranian President to convey his warm greetings and good wishes to Supreme Leader of Iran Ali Khamenei. 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Business Recorder
3 hours ago
- Business Recorder
In July 4 ceremony, Trump signs tax and spending bill into law
WASHINGTON: U.S. President Donald Trump signed into law a massive package of tax and spending cuts at the White House on Friday, staging an outdoor ceremony on the Fourth of July holiday that took on the air of a Trump political rally. With military jets flying overhead and hundreds of supporters in attendance, Trump signed the bill one day after the Republican-controlled House of Representatives narrowly approved the signature legislation of the president's second term. The bill, which will fund Trump's immigration crackdown, make his 2017 tax cuts permanent, and is expected to knock millions of Americans off health insurance, was passed with a 218-214 vote after an emotional debate on the House floor. Trump wins 'phenomenal' victory as Congress passes flagship bill "I've never seen people so happy in our country because of that, because so many different groups of people are being taken care of: the military, civilians of all types, jobs of all types," Trump said at the ceremony, thanking House Speaker Mike Johnson and Senate Majority Leader John Thune for leading the bill through the two houses of Congress. "So you have the biggest tax cut, the biggest spending cut, the largest border security investment in American history," Trump said. Trump scheduled the ceremony on the South Lawn of the White House for the July 4 Independence Day holiday, replete with a flyover by stealth bombers and fighter jets like those that took part in the recent U.S. strikes on nuclear facilities in Iran. Hundreds of Trump supporters attended, including White House aides, members of Congress, and military families. After a speech that included boastful claims about the ascendance of America on his watch, Trump signed the bill, posed for pictures with Republican congressional leaders and members of his cabinet, and waded through the crowd of happy supporters. The bill's passage amounts to a big win for Trump and his Republican allies, who have argued it will boost economic growth, while largely dismissing a nonpartisan analysis predicting it will add more than $3 trillion to the nation's $36.2 trillion debt. While some lawmakers in Trump's party expressed concerns over the bill's price tag and its hit to healthcare programs, in the end just two of the House's 220 Republicans voted against it, joining all 212 Democrats in opposition. The tense standoff over the bill included a record-long floor speech by House Democratic Leader Hakeem Jeffries, who spoke for eight hours and 46 minutes, blasting the bill as a giveaway to the wealthy that would strip low-income Americans of federally-backed health insurance and food aid benefits. Democratic National Committee Chair Ken Martin predicted the law would cost Republicans votes in congressional elections in 2026. "Today, Donald Trump sealed the fate of the Republican Party, cementing them as the party for billionaires and special interests - not working families," Martin said in a statement. "This legislation will hang around the necks of the GOP for years to come. This was a full betrayal of the American people. Today, we are putting Republicans on notice: you will lose your majority."
Express Tribune
3 hours ago
- Express Tribune
IAEA pulls inspectors from Iran
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