What's included in the new US sanctions campaign to pressure Iran's economy? - explainer
US Treasury Secretary Scott Bessent announced "an economic onslaught" against Iran, combining new sanctions with with threats against Tehran's trading partners.
On Monday, US Treasury Secretary Scott Bessent unveiled an economic "onslaught" against Iran, combining fresh sanctions with warnings to Tehran's trading partners. The announcement did not specify particular countries or a timeline for the penalties' implementation.
The United States vowed to set deadlines for other nations to cease economic dealings with Iran and threatened unspecified repercussions if those nations failed to comply. Entities involved in money laundering or sanctions evasion for Iran could face exclusion from the US financial system.
Treasury's Office of Foreign Assets Control (OFAC) expanded its sanctions list to cover nearly 60 entities, individuals, and vessels, accusing them of aiding Iran's defense ministry, a cyber group responsible for infrastructure attacks, and Iran's oil trade. New regulations cover digital assets, technology, gold, aviation, and shipping sectors.
Twenty of the new sanctions are directed at Middle Eastern and Asian entities allegedly supporting Iran's nuclear research and missile programs, including Chinese firms supplying dual-use items to a previously sanctioned Iranian institute. The US also broadened sanctions on individuals accused of cybercrimes or threatening national security.
The Treasury's initiatives target Iran's oil exports, encompassing vessel brokers, bunkering service providers, and financial intermediaries. Five specific tankers form part of a "shadow fleet," barred to US nationals or residents from any financial dealings.
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