US Unleashes Economic Onslaught on Iran, Eyes Major Financial Institution

The US government has threatened countries that do business with Iran but has held off on imposing penalties for now. Treasury Secretary Scott Bessent announced a possible expansion of sanctions as part of an 'economic onslaught' against Iran's financial connections around the globe.

The move targets five sectors Iran is using to prop up its economy: digital assets, gold, technology, aviation, and shipping. The US has already imposed sanctions on 60 individuals, entities, and vessels but did not include any Chinese financial institutions suspected of facilitating Iran's oil trade.

Bessent declined to say what specific countries would be targeted or when penalties would take effect. He emphasized that the US is serious about imposing sanctions but wants to give people a 'cure period' before taking action.