In 'warning shot,' US threatens sanctions on Iran’s trading partners

On Monday, the Trump administration announced an extensive expansion of its economic sanctions on Iran, warning nations and businesses that continue trading with the country they could face penalties and lose access to the US dollar system. Treasury Secretary Scott Bessent described the move as an "economic D-Day" and stated that Washington was targeting Iran's financial ties worldwide as the war with Tehran enters its sixth month.

Bessent said President Trump is personally reaching out to world leaders, urging them to sever economic interactions with Iran.

The Treasury Department has mapped Iran's networks, facilitators, and financial channels used to smuggle oil and evade existing sanctions. The administration aims to block all potential revenue sources for Tehran, including oil income. Bessent warned that entities aiding Iran's financial activities could be cut off from the US financial system. He emphasized that any country refusing to join the campaign would "share in the isolation" imposed on Tehran.

Iran continues to restrict traffic through the Strait of Hormuz, a vital global energy route, contributing to oil market pressures and global economic strain. The US and Israel initiated their major bombing campaign against Iran on February 28, with peace talks stalled and no lasting settlement in sight. Washington's strategy seeks to intensify economic costs for Iran while pressuring countries with commercial and financial links to the nation.