Scott Bessent, the current US Treasury Secretary, recently commended Banco Santander for what he called "setting a good example" in the financial sector. The Spanish banking giant made headlines by withdrawing from its credit arrangements with Gunvor, a commodity trading powerhouse.

Bessent's public endorsement signals Washington's approval of financial institutions reassessing their exposure to certain trading entities. While the Treasury chief didn't elaborate on specific concerns about Gunvor, his statement suggests a broader push for banks to scrutinize their counterparty relationships more carefully.

This move by Santander—one of Europe's largest banks—could set a precedent that ripples through global financial networks. When a Treasury Secretary singles out a compliance decision for praise, other institutions typically pay attention. The question now: will more banks follow suit and reevaluate their credit lines to similar trading houses?