Trump Vows Crushing Economic Pressure on Iran Amid Ongoing Conflict

US President Donald Trump has announced plans to impose severe economic pressure on Iran, following remarks from Treasury Secretary Scott Bessent that Washington will unveil unprecedented sanctions against Tehran as early as next week.

The US has imposed various forms of economic sanctions on Iran since the late 1970s, including trade embargoes and frozen assets, over its nuclear program, human rights violations, and support for militant groups. Since February's conflict began, Washington has levied additional maritime, energy, and financial sanctions and started a naval blockade.

Data from the US Treasury Department's Office of Foreign Assets Control (OFAC) shows that the agency has imposed sanctions on over 1,000 people, vessels, and aircraft since Trump's second term. Recent measures have targeted Iran's shadow oil fleet, shipping insurers, entities, and individuals enabling Iran's acquisition of weapons, as well as digital exchanges, freezing an estimated $500 billion in Iran-linked cryptocurrency.

Experts say the US could also target Chinese 'teapot' refineries, which account for a quarter of China's refinery capacity, and impose sanctions on two larger Chinese banks that process billions of dollars in Iranian oil. A land blockade, requiring assistance from neighboring countries, is also possible but would be difficult to execute.

Additionally, the Senate passed a sweeping Russia sanctions bill last week that included new Iran sanctions and would give Trump new tariff powers to use against countries that aid Iran's commerce and weapons procurement. However, the Supreme Court struck down the legal basis for tariffs in the past.