Trump Threatens Unprecedented Economic Measures Against Iran
US President Donald Trump has vowed to hit Iran hard economically, following a pledge by Treasury Secretary Scott Bessent that Washington would impose measures on Tehran that have 'never been seen' as soon as next week.
The US, UN, and EU have applied sanctions, trade embargoes, and frozen assets since the late 1970s over Iran's nuclear programme, human rights violations, and support for militant groups.
Since the Iran war began in February, Washington has levied additional maritime, energy, and financial sanctions, as well as starting a naval blockade.
The US Treasury Department's Office of Foreign Assets Control (OFAC) has imposed sanctions on more than 1,000 people, vessels, and aircraft since Trump began his second term, including measures targeting Iran's shadow oil fleet, shipping insurers, entities enabling the acquisition of weapons, and digital exchanges that have frozen an estimated $500 billion in Iran-linked cryptocurrency.
Experts say the Trump administration can also consider these options: sanctions on Chinese 'teapot' refiners, which account for a quarter of China's refinery capacity, or sanctions on Chinese banks, including larger ones warned they could face secondary sanctions if Iranian funds were found moving through their systems.