US Treasury Secretary Scott Bessent waves goodbye to reporters after announcing a new set of sanctions against Iran.
Day 179 | US vows “economic asphyxiation” of Iran with new sanctions
US Treasury Secretary Scott Bessent on Monday laid out plans for the "economic asphyxiation" of Iran, expanding Washington's secondary sanctions threats and warning of dire consequences for countries that do not join the campaign.
The announcement comes almost six months into a war on Iran that has ground to a stalemate, with stalled peace talks and Tehran blocking most traffic through the crucial Strait of Hormuz.
Bessent earlier said the United States was declaring an "economic D-Day" on Iran, but his announcement named no specific countries beyond Iran and gave no timelines.
"Around the globe, our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone," Bessent told journalists.
"We are going to hold everyone accountable, and this is economic asphyxiation of this regime."
He added that countries not joining US sanctions would "share in the isolation" of Iran, and noted that President Donald Trump was making phone calls to world leaders with requests to stop interactions with Tehran.
The Treasury Department said expanded secondary sanctions would target Iran's digital assets, technology, gold, aviation and shipping sectors.
It also issued new sanctions against 60 individuals, companies and vessels that allegedly aid Iran in oil revenue generation, weapons procurement and cyber operations.
The sanctions hit entities around the world, including in the United Arab Emirates, Hong Kong, China, Singapore and in Europe.
Bessent vowed that any entity "that facilitates money laundering on behalf of Iran will be removed from the US dollar system."
Iran had been dismissive of the threat of additional sanctions, and on Monday its economy minister predicted "another defeat" for Washington.
"We've been waiting for these plans for a long time, and the government is and was ready and has a two-year plan to manage these events," said Ali Madanizadeh.
US not ruling out strikes against Iran, warns Hegseth
Speaking to reporters on Monday, US Defense Secretary Pete Hegseth said that the pivot to applying economic pressure did not mean that military strikes were off the table.
"By no means are we foreclosing using kinetic strikes anywhere in the Strait of Hormuz or around Iran," he said.
Oil tanker struck by “unknown projectile” off Oman: UKMTO
British maritime security agency UKMTO said late Monday into Tuesday that an oil tanker was struck by an “unknown projectile,” damaging its engine room and leaving the vessel “disabled” while sailing off the coast of Oman.
The agency said, “The Master of an oil tanker reports the vessel has been struck by an unknown projectile causing damage to the engine room and disabling the vessel,” adding that the crew was safe.
The incident occurred 9 nautical miles (16.7 kilometers) northeast of the Omani city of Shisah, in the Strait of Hormuz.
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