US announces new Iran sanctions in 'economic onslaught,' aims to cut off Tehran's revenue sources

The United States has intensified its pressure on Iran by announcing new sanctions aimed at cutting off Tehran's revenue sources. President Donald Trump claims Iran is "collapsing," though a wider peace deal remains elusive. Treasury Secretary Scott Bessent described the sanctions as the biggest financial attack ever against an enemy, calling it an "economic D-Day" strategy.

These sanctions will expand the use of secondary sanctions, targeting countries and entities that continue to do business with Iran. US officials anticipate these measures will be the primary tool against Iran until after the midterm elections, with military action potentially resuming afterward. Bessent warned that any economic engagement with Iran would expose those involved to US sanctions, emphasizing that no one is above US scrutiny.

The US naval blockade has halted Iran's oil exports, a crucial income source, exacerbating the country's economic crisis. Iran's rial, its currency, plummeted to around 2 million rials for $1, a record low. The success of the economic campaign hinges on other nations adhering to the sanctions.