US Treasury Secretary Scott Bessent on Monday announced what Washington described as unprecedented economic sanctions targeting Iran, saying the measures are aimed at cutting off the financial channels that support Tehran.
Speaking at a press conference, Bessent said the US would target Iran's economic lifelines and warned countries and entities continuing to engage with Tehran that they could face consequences under the new measures.
“We are launching an economic onslaught against Iran's financial connections around the globe. Our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone,” Bessent said.
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The US Treasury Department said it has issued determinations covering five sectors that it says Iran uses to support its economy: digital assets, technology, gold, aviation and shipping. The department has also imposed sanctions on nearly 60 entities, individuals and vessels.
Bessent said the administration would no longer tolerate what he described as economic activity taking place in “gray spaces” around the conflict.
“Let there be no ambiguity as to the position of the United States,” Bessent told reporters.
“An economic engagement of any kind” with Iran, he said, “will expose those responsible to the full reach of American power”.
The Treasury secretary also warned countries that they have a “finite timeline” to shut down financial activities identified by US authorities. This includes measures such as closing Iranian bank branches operating abroad.
Bessent said the US would also target financial institutions involved in supporting Iran. “You will see a major financial institution being sanctioned by the end of this week over Iran,” he said.
The administration is also targeting entities it accuses of facilitating money laundering for Tehran. “Entities facilitating money laundering for Iran will be removed from US dollar system,” Bessent said.
The Treasury has described the new measures as part of a broader effort to isolate Iran financially and restrict the channels through which Tehran can access international markets.
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