US Unveils Plan for 'Unprecedented' Economic Isolation of Iran
US President Donald Trump's administration is planning to announce unprecedented economic pressure measures against Iran next week, according to Treasury Secretary Scott Bessent.
The measures will be part of a 'one-two punch' with the continued blockade of Iran's ports and could include targeting international financial and commercial networks that have helped Tehran keep selling oil despite decades of US pressure.
Experts believe truly unprecedented action could mean moving beyond another round of sanctions against Iranian companies, targeting Chinese banks, yuan-denominated payments for Iranian oil, alternative payment systems, and the shipping, insurance, refining, and financial intermediaries behind the trade.
Brett Erickson, a sanctions expert at US-based Obsidian Risk Advisors, said one measure would stand apart from previous sanctions: sanctioning Chinese banks. 'Sanctioning Chinese banks would represent a fundamentally different level of escalation,' he said.