Trump administration announces ‘economic D-day’ sanctions on Iran

• Treasury Secretary Scott Bessent announced a major expansion of US sanctions targeting Iran, including nearly 60 entities, individuals and vessels.
• Washington is targeting five sectors and warning countries facilitating Iranian trade that they could lose access to the US dollar-based financial system.

The United States has launched what Treasury Secretary Scott Bessent described as an "economic isolation" campaign against Iran, targeting companies, vessels and financial networks accused of supporting Tehran.

Speaking at a press conference Monday, Bessent said the campaign was launched at the direction of President Donald Trump and would seek to cut off the economic channels sustaining Iran.

"We are launching an economic onslaught against Iran’s financial connections around the globe," Bessent said. "Our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone."

Five sectors targeted
The Treasury Department said its latest measures target five sectors that Washington says Iran uses to sustain its economy and generate revenue:

• Digital assets
• Technology
• Gold
• Aviation
• Shipping

The sanctions also target nearly 60 entities, individuals and vessels linked to Iran's nuclear, missile and oil sectors.

The measures include companies and vessels connected to what Washington describes as Iran's "shadow fleet" across the United Arab Emirates, Hong Kong, China, Singapore and Switzerland.

Washington also suspended general licenses that had allowed certain financial transactions involving Iran.

Bessent warned countries and financial institutions facilitating Iranian oil exports or providing banking services to Tehran that they could face US sanctions.

He said the Treasury had identified the networks, facilitators and points of contact that Iran allegedly uses to move oil and circumvent sanctions.

The Treasury secretary warned that entities involved in money laundering or other activities benefiting Iran could be excluded from the US dollar-based financial system.

Bessent said Washington had given countries specific deadlines to end activities involving Iran and would take unilateral action if they failed to comply. He also said such measures could include closing overseas branches of Iranian banks.

"Let there be no ambiguity as to the position of the United States," Bessent said, warning that economic engagement with Iran could expose those involved to the full reach of US power.

Bessent said the United States was preparing additional measures and indicated that a major financial institution could face sanctions by the end of the week because of its dealings with Iran.

He also said the strength of the US economy allowed Washington to conduct the financial campaign alongside its military power.

The Treasury secretary compared the economic offensive to the Allied landing in Normandy during World War II, describing the campaign as being carried out in the same spirit.

Bessent said Trump was speaking with world leaders to encourage them to cut economic ties with Iran, adding that Washington expected a new wave of sanctions.

Iranian officials have rejected the new measures, saying Washington will not succeed in severing the country's economic ties.

Iran's economy minister said Tehran had plans to counter US sanctions and argued that Washington had repeatedly failed to cut the country's economic lifelines.

Iranian government spokeswoman Fatemeh Mohajerani acknowledged economic difficulties but said Tehran would seek to overcome the pressure through what she described as wisdom and national unity.

Iran's semi-official Tasnim News Agency also quoted an unnamed intelligence source as saying the US campaign was primarily designed to increase psychological pressure on the Iranian public.

Parliamentary speaker Mohammad Bagher Ghalibaf separately dismissed Washington's threats, arguing that the United States was not in an economic position to further restrict Iran's relations with other countries.

Foreign Minister Abbas Araghchi has likewise said Iran is not intimidated by US threats or economic sanctions, arguing that previous US pressure campaigns had failed.

The latest measures mark another escalation in Washington's economic campaign against Tehran, with the United States seeking to restrict Iran's access to international trade, shipping and financial networks.