US Launches Economic Onslaught Against Iran's Financial Connections

US Treasury Secretary Scott Bessent announced that the US is launching an 'economic onslaught' against Iran's financial connections globally. This move comes as the war with Iran nears its six-month mark, and the Trump administration aims to cut off business ties between countries and Iran or face secondary sanctions.

The US has maintained sanctions against Iran for decades, targeting its oil revenues and military capabilities. However, Iran has adapted to evade these sanctions, leading to ongoing economic pressure and elevated energy prices.

Bessent warned that no country is out of the reach of US sanctions, adding that if they facilitate transactions with Iranian oil, they will be targeted. The treasury department announced new sanctions on 60 individuals and entities, but not on Chinese banks, despite China being the largest buyer of Iranian oil.