US Unveils New Sanctions Push Against Iran

President Donald Trump’s administration on Monday announced an expansion of the secondary sanctions it can impose on entities and countries around the world that maintain business ties with Iran.

Treasury Secretary Scott Bessent described the move as “economic D-Day”. The strategy is intended to warn countries to sever business ties with Iran or risk having key companies and entities cut off from the US dollar-based financial system.

The new framework covers five sectors of the Iranian economy: digital assets, technology, gold, aviation and shipping. The Treasury Department also imposed sanctions on nearly 60 individuals, entities and vessels as Washington steps up efforts to disrupt the networks and financial channels Iran uses to evade existing restrictions and generate revenue.

The announcement comes as the war with Iran approaches its six-month mark. Although heavy fighting has subsided, diplomatic efforts to end the conflict have stalled and oil and raw material shipping through the Strait of Hormuz remains blocked, keeping energy prices elevated.

China remains the largest buyer of Iranian oil, and Washington has intensified efforts to curb Chinese purchases. However, it has so far stopped short of imposing sanctions on larger Chinese banks that may be facilitating the trade.

(Reuters, max)