Bessent puts Iran backers on notice over US sanctions
US Treasury Secretary Scott Bessent announced an intensified campaign targeting Iran's economic structure on Monday. The administration aims to sever all economic ties with Iran, warning countries of a specific timeline to comply or face Treasury action. President Donald Trump reportedly made phone calls to world leaders to sever ties with Iran.
The "unprecedented" sanctions campaign includes targeting Iran's financial connections, digital assets, technology, gold, aviation, and shipping. The administration will give countries a defined period to disengage, but the Treasury will act unilaterally if compliance fails. No fixed deadline was provided, but Bessent emphasized the administration's patience is not infinite.
Any economic engagement with Iran could expose participants to American sanctions. Five vital lifelines of Iran are being targeted, including digital assets, technology, gold, aviation, and shipping. Additionally, a major financial institution will likely face sanctions by the end of the week over Iran. This move is part of former President Trump's efforts to pressure Iran to halt attacks on ships in the Gulf and Red Sea.
India and Iran's trade has plummeted by more than 90% since 2018, with India exporting mainly rice and tea.
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