Sanctions, sanctions, everywhere! New U.S. penalties against Turkey, Iran and Russia dominated global political news this week and sent markets into turmoil. Below are some of Bloomberg’s best stories from the past seven days on those and other topics. 

— Kathleen Hunter

A woman walks past an anti-American mural outside the former U.S. embassy in Tehran. Click here for more on how fresh U.S. sanctions have left Iran on the verge of en economic breakdown and here for more of Bloomberg’s best photos of the week. 

Photographer: Ali Mohammadi/Bloomberg

Trump Puts Turkey Alliance on the Line With Standoff Over Pastor
President Donald Trump’s latest move against Turkey has made an already bad relationship worse, raising the risk the U.S. may have to do without a longtime ally in the Middle East, Margaret Talev reports. 

Russia Seethes After Velvet Revolutionary Strikes at Old Foes
Three months after sweeping to power in Armenia’s peaceful “velvet revolution,” Prime Minister Nikol Pashinyan is waging an unprecedented campaign against corruption that’s unnerved Russia and got political opponents crying foul. Sara Khojoyan takes a closer look. 

Washington Girds for Nationalist Rally at White House’s Doorstep
Ryan Beene and Anna Edgerton preview tomorrow’s planned white nationalist rally, which law enforcement  will try to prevent from descending into a melee like the one in Charlottesville, Virginia, that cast a shadow over  Trump’s presidency a year ago.

Migrant Mother Loses Custody of Sons Over Murky Gang Allegations
Jennifer Epstein spoke to a Raquel, a Salvadoran woman whose children were taken from her by immigration officials who asserted – despite her denials – that she's part of MS-13, the violent gang whose members the president has called “animals.” 
 

Raquel with some of her sons’ things at her home in San Antonio. Photographer: Sergio Flores/Bloomberg

Saudis Play Hardball With Their Checkbook by Bashing Canada
Saudi Arabia used to pursue a behind-the-scenes foreign policy, deploying its oil wealth as a carrot. Now Crown Prince Mohammed Bin Salman is ready to wield it like a stick, Glen Carey, Greg Quinn and Nick Wadhams report. 

How Taming the Mekong Could Give China Unprecedented Power
The recent deadly collapse of a dam along a tributary of the Mekong River in Laos highlights the rapid development of a strategically important waterway, Jason Koutsoukis reports. 

How to Be Trump’s Treasury Secretary, Starring Steven Mnuchin 
To understand Steven Mnuchin, you have to know why he avoids Pebble Beach, the spot on the White House’s North Lawn where Trump aides have been known to vent frustrations on live television. Devin Leonard and Saleha Mohsin explore Mnuchin’s strategy for staying in Trump’s good graces. 

Is Xi Jinping’s Bold China Power Grab Starting to Backfire?
A few months ago, China’s Xi Jinping seemed unstoppable, abolishing presidential term limits and enacting the most sweeping government overhaul in decades. Now, some in Beijing are wondering whether he overreached. Peter Martin and Alan Crawford take a closer look. 

Brexit Noise Drowns Out London’s Cry for Help
Jess Shankleman visited a food bank nestled in the heart of London’s theater district, opposite the tony Savoy Hotel, illustrating the rich-poor contrast that has sharpened in Britain’s capital during the U.K.’s quest to leave the European Union. 
 

Tlaib is poised to become the first Muslim woman elected to Congress after securing the Democratic nomination in a Detroit-area district. Click here for more on how women are faring overall in this year's congressional primaries.

And finally...The 10 millionth Ford Mustang rolled off an assembly line in Michigan this week, and Hannah Elliott took a closer look at the ups and downs of the half-century old American icon, arguably the world’s most recognizable sports car that’s still turning out fresh models. 

The 1968 Mustang that Steve McQueen drove in the movie Bullitt, on display on the National Mall in Washington. The Bullitt Mustang is one of only 24 vehicles on the National Historic Vehicle Register and is recognized as historically significant by the Library of Congress. Photographer: Mark Wilson/Getty Images North America