U.S. Treasury to broaden scope of secondary sanctions on Iran, source says

The U.S. Treasury plans to expand the reach of secondary sanctions targeting entities and countries with business connections to Iran, according to a source familiar with the administration's intentions. This move comes as the Trump administration endeavors to intensify economic pressure on Tehran, aiming to compel an end to the ongoing conflict that has disrupted the Strait of Hormuz and Gulf energy exports.

The details are expected to be unveiled by Treasury Secretary Scott Bessent during a press conference at 1 p.m. EDT on Monday. In addition to outlining the expanded secondary sanctions, Bessent will provide a more comprehensive overview of the broader economic pressure campaign against Iran, described by the administration as an "economic D-Day."

The source emphasized that countries must choose to align with the U.S. or face the risk of severing ties with key companies and entities that rely on the dollar-based financial system.