US ramps up economic pressure and sanctions on Iran

The United States has broadened its sanctions against Iran, aiming to sever the country's economic lifeline, according to an announcement made on Monday. Treasury Secretary Scott Bessent stated that the new measures would compel other nations to cease conducting business with Iran, or face the possibility of being excluded from the dollar-based financial system.

However, Bessent refrained from naming the countries that would be targeted and did not disclose the specific timing for the implementation of these penalties. Instead, he offered countries a window to address the transgressions and adhere to the new directive. Bessent emphasized that the U.S. sought to mitigate the damage to the global financial system by granting them ample opportunity to comply.