US Unveils 'Economic D-Day' of Sanctions on Iran

The United States has announced an expansion of sanctions on Iran, aiming to cut off its economic lifeline but stopping short of the most punishing measures. Treasury Secretary Scott Bessent said other countries would need to sever business ties with Iran or risk being forced out of the dollar-based financial system.

Bessent emphasized that no country is beyond reach of US sanctions, and warned that they will target any source of Iran's 'illicit revenue.' The new directive specifically targets five sectors: digital assets, technology, gold, aviation, and shipping. These sectors are being used by the Iranian government to prop up its economy.

The Treasury Department announced new sanctions on 60 individuals, entities, and vessels, but the list did not include any Chinese financial institutions suspected of facilitating Iran's oil trade. The move comes as the US struggles to resolve an unpopular war with Iran that has pushed energy prices higher.