US Launches Economic Onslaught Against Iran's Financial Connections

The US Treasury Department has unveiled an expanded set of sanctions targeting entities and countries that maintain business ties with Iran. The move, described as an 'economic onslaught,' aims to cut off Iran's financial connections worldwide.

According to the Treasury, it has mapped Iran's oil-smuggling networks and will work with partners to target illicit revenue streams. Five sectors have been identified as being used by the Iranian government to prop up its economy: digital assets, technology, gold, aviation, and shipping.

The US has imposed sanctions on nearly 60 entities, individuals, and vessels. China, the biggest buyer of Iranian oil for several years, has not been explicitly targeted, with the Treasury instead opting for 'quiet diplomacy' to engage with Beijing.