US Unveils Economic D-Day Sanctions Push Against Iran
Treasury Secretary Scott Bessent is set to announce new economic sanctions targeting Iran on Monday, in what the administration has dubbed an 'economic D-Day.'
The measures aim to sever every economic lifeline supporting Iran's government by targeting its remaining revenue streams, including through secondary sanctions on countries and companies that continue to facilitate Iranian oil trade.
Iran's rial has already fallen to a record low of 2.02 million to the U.S. dollar as Washington prepares to announce the new measures. The currency has been under pressure during nearly six months of war, with the International Monetary Fund forecasting Iran's economy will contract by more than 5% this year.
Prior to the announcement, President Donald Trump warned that any country providing a 'lifeline' to Iran would face 'tremendous economic consequences.' This could put added pressure on Iran's trade partners, particularly China, which has historically purchased about 90% of Iran's oil exports.