Fed should be independent, has made mistakes, Treasury Secretary Bessent says
U.S. Treasury Secretary Scott Bessent said on Monday that the Federal Reserve is and should remain independent, but argued the central bank has “mad...
Iran said it expects the Shanghai Cooperation Organization (SCO) to condemn the move by the European troika of France, Germany and the UK which has called for the return of UN sanctions against Tehran’s civilian nuclear program.
Foreign Ministry Spokesman Esmaeil Baghaei urged the leaders at the SCO summit in Tianjin, China to support Tehran in the standoff with the European powers and the United States over its nuclear program.
“Just as the SCO and BRICS condemned the attacks by Israel and the United States on Iran last June, the SCO is expected to express its opposition to the abuse of power by the three European countries with a unified voice at the Tianjin Summit,” he said in an interview with the Chinese official Xinhua news agency.
According to the spokesman, to be credible and effective, the SCO as a Eurasian political, economic and international security organization of ten member states including Iran “must support its members in difficult times similar to other international organizations”.
The call by the Iranian diplomat was made as Tehran gears up for a face-off with the US and its European allies at the UN Security Council by matching up with China and Russia as permanent members of the council.
“The credibility of the members of the UN Security Council is under a serious test. Iran will never give in to the illegal demands,” Baghaei added, “We are a party to the Non-Proliferation Treaty (NPT) and we must be able to enjoy our rights, including those enshrined in Article 4 of the treaty.”
Last week, the European powers which are signatories of the Iran nuclear agreement reached in Vienna in 2015 (JCPOA), in a letter to the UN Security Council called for re-activation of the nuclear sanctions which were blocked by Resolution 2231 the same year if they do not reach an agreement with Iran in September.
Iran reacted by expressing readiness for diplomatic settlement of differences but vowing retaliatory measures warning that the E3’s decision will severely undermine Tehran’s interaction with the International Atomic Energy Agency (IAEA).
China and Russia which are founding members of the Shanghai Cooperation Organization and
are also parties to the JCPOA have jointly proposed a draft resolution at the UN Security Council suggesting extension of the Resolution 2231 which expires in October and called for exemption of sanctions for a limited period in order to reach an agreement in the meantime.
The Iranian President Masoud Pezeshkian is in China to participate at the Tianjin Summit and met the SCO leaders including the Chinese and Russian presidents as well as the UN secretary general.
He reiterated the call for supporting Iran’s civilian nuclear program during his bilateral meetings on the sidelines of the summit.
After returning to Tehran from Tianjin, both President Pezeshkian and his Foreign Minister Abbas Araghchi must be preparing for the last-minute exchange of views on Iran’s nuclear program at the UN Headquarters later this month.
They will be departing for New York to take part at the 80th UN General Assembly Session and are expected to meet their counterparts prior to what appears to be Tehran’s decisive moment at the world body to safeguard its civilian nuclear program.
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U.S. Treasury Secretary Scott Bessent said on Monday that the Federal Reserve is and should remain independent, but argued the central bank has “made a lot of mistakes” and defended President Donald Trump’s decision to dismiss Fed Governor Lisa Cook over alleged mortgage fraud.
The Shanghai Cooperation Organisation (SCO) has grown from a 1996 border security forum into a major Eurasian bloc, now representing nearly half the world’s population. Its 2025 summit in Tianjin highlighted both its expanding reach and its evolving role on the global stage.
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Russian President Vladimir Putin said on Monday that Moscow and Tehran are in regular contact on a broad range of international issues, including developments related to Iran’s nuclear programme.
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