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War headlines.
- Meh-day sanctions targets five sectors: digital assets, technology, gold, aviation and shipping. Measures target brokerage networks and shadow-fleet vessels operating across the UAE, Hong Kong, China, Singapore, Switzerland and Europe. Bessent warns that countries failing to take action “will be removed from the US dollar system.”
- Iran bans 45 vessels that have transited Hormuz.
- Iran’s security chief Mohsen Rezaei warns that Tehran will halt all oil exports from the Gulf and treat any country’s support for US sanctions as “an act of war”.
- Houthis strike a tanker west of Yanbu.
Using the SWIFT system is a bad idea. This is how the first doubts about the truthworthiness of Treasuries emerged when Russia was expelled after the Ukraine invasion, raising sovereign fears everywhere that SWIFT was being weaponised.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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