Trump administration announces ‘economic D-day’ sanctions on Iran

US Treasury Secretary Scott Bessent has announced an economic pressure campaign against Iran, vowing to target Tehran’s financial interests across the world.

Bessent said on Monday that the US would target all of Iran’s sources of revenue, including oil, with the aim of preventing other countries and companies from doing business with Tehran.

“Around the globe, our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone,” he said.

He said countries around the world must choose between the US and Iran, stressing that the new campaign exposes Tehran’s trade partners to secondary penalties.

Bessent emphasised that “no one is above the reach of US sanctions”.

If countries and entities “facilitate transactions and are part of the ecosystem that turns Iranian oil into money, into repression, they will be targeted”, he said.

While the US did announce a new wave of sanctions against Iran, Monday’s campaign did not target any major international economic institution for dealing with the country.

Bessent framed the push as a strong warning for countries and companies across the world.