US Unveils 'Greatest Financial Offensive Ever' Against Iran

The United States is set to unveil its most severe financial measures yet against Iran on Monday, imposing secondary sanctions on entities and countries that maintain economic ties with Tehran. U.S. Treasury Secretary Scott Bessent will outline these measures at 1 p.m., which include broadening the scope of potential sanctions on entities that help fund arms purchases for Iran.

These measures are part of a broader effort to isolate Iran economically, particularly in light of its continued defiance of U.S. demands and its recent threats against shipping in the Strait of Hormuz. Bessent has urged cooperation from China, which is the largest buyer of Iranian oil, but experts warn that Washington may be wary of Chinese retaliation ahead of expected talks between Trump and Chinese President Xi Jinping.

The move comes as Iran's economy continues to suffer under U.S.-led sanctions, with inflation at 25% above its January level and a sharp decline in the value of the rial currency. The country has been bracing for these measures, issuing warnings that any further penalties would only tighten the squeeze on shipping through the Strait of Hormuz.