Treasury Secretary Scott Bessent speaks at a news conference at the Treasury Department in Washington, D.C., on Monday.
Julia Demaree Nikhinson/AP
hide caption
Listen to NPR's State of the World podcast, a human perspective on global stories in just a few minutes, every weekday.
Treasury Secretary Scott Bessent unveiled a new round of U.S. economic sanctions on Iran and what he called "its enablers" on Monday, calling it an "economic onslaught" against the country's global financial connections.
"Our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone," he said. The administration is calling the measures "Operation Economic Outcast."
Here is what to know about the administration's latest measures.
The Trump administration has been calling this "D-Day" for the Iranian economy. The Treasury said it has mapped out "networks, facilitators and financial channels" that enable Iran.
A statement from the Treasury Department said that among the targets of Monday's sanctions is "a network of brokers, companies, and shadow fleet vessels operating across the United Arab Emirates (UAE), Hong Kong, China, Singapore, Switzerland, Europe, and other regions to transport Iranian oil and channel revenue to the Islamic Revolutionary Guard Corps-Qods Force (IRGC‑QF) and other regime elements."
But unlike the D-Day landing in France during World War II, the U.S. is giving countries time to change their ways before it takes major action.
"The president is making phone calls to world leaders with specific requests to cease their interactions with the regime," Bessent said. "We are giving everyone the opportunity to remedy bad behavior."
He wouldn't spell out a timeline of when Iran's biggest trade partners — including China — could face secondary sanctions. "Why would I want to blow up the global financial system?" he said.
China is Iran's biggest oil customer. Bessent criticized the country last week for historically buying about 90% of Iran's oil.
But he did not name China in his introductory remarks on Monday.
When a reporter asked whether Chinese banks could be targeted by the administration's new measures, Bessent said, "We want to make clear here today that no one is above the reach of U.S. sanctions."
The U.S. already has extensive sanctions on Iran, some stretching back almost 50 years. And as recently as June, the U.S. had imposed further penalties for entities that helped Iran evade existing financial restrictions. There has also been a monthslong U.S. naval blockade of Iran, which has cut off most goods to Iran from the outside world.
The Trump administration now appears to be focused on putting more pressure on the countries and governments — not just the businesses — that host the entities providing cash flow for Iran.
