Trump Targets Iran with 'Unprecedented' Economic Sanctions
US President Donald Trump has vowed to intensify economic pressure on Iran. Treasury Secretary Scott Bessent warned that new measures would be imposed 'never seen before', starting as soon as next week.
The US, UN, and EU have applied sanctions, trade embargoes, and frozen assets since the 1970s due to Iran's nuclear program, human rights abuses, and support for militant groups. Since February, Washington has levied additional maritime, energy, and financial sanctions, as well as a naval blockade.
Data from the US Treasury Department's Office of Foreign Assets Control (OFAC) shows over 1,000 people, vessels, and aircraft have been sanctioned since Trump's second term began. Recent measures target Iran's shadow oil fleet, shipping insurers, entities enabling weapons acquisition, and digital exchanges, freezing an estimated $500 billion in Iranian-linked cryptocurrency.
Iran has denounced US plans to announce new sanctions that could further strain its economy. Oil shipments are at a standstill in the Strait of Hormuz, with Tehran threatening to strike unauthorized oil tankers. Iran's economy is already under immense pressure from existing sanctions.