Treasury Secretary Scott Bessent announced plans for a wave of new sanctions Monday aimed at further isolating Iran, after threatening the Islamic Republic with “an economic D-Day.”
The sanctions will target international entities engaged in facilitating Iranian trade related to shipping, oil, crypto, gold and aviation.
Bessent said President Donald Trump was making phone calls to world leaders with “specific requests” to cease trading with the Iranian regime.
Bessent said the U.S. was launching an “economic onslaught” against Iran’s financial connections “around the globe” in order to “sever every economic pipeline” used by Iran “until Tehran stands alone.”
Treasury announced Monday it is sanctioning nearly 60 corporations, individuals and vessels in multiple jurisdictions that it says enable the Iranian regime’s “recklessness.” That list includes multiple Chinese nationals.
China has said it is illegal for its citizens to comply with unilateral U.S. sanctions.
Bessent said the U.S. was engaging in “quiet diplomacy” with Iranian trade partners to warn them of the consequences for continuing to trade with Tehran. Any entity that facilitates money laundering on behalf of Iran will be removed from the U.S. dollar system, he said.
“No one is above the reach of U.S. sanctions,” Bessent said, adding there was now a “cure period” for nations to end the targeted relations with Iran.
Yet Bessent did not lay out any immediate concrete actions against other countries. Markets showed little reaction to Bessent’s remarks.
Iranian officials downplayed the economic threat.
“You will fail this time too,” Iranian Economy Minister Ali Madanizadeh said in response to Bessent’s comments, according to the semiofficial Fars news agency, and added, “The government is fully prepared for this economic war.”
Madanizadeh said that it would not be easy to cut the country off from global economic channels and that Iran would retaliate, according to the semiofficial ISNA news agency.
“If they take any action, they should expect an attack from us,” he said, according to ISNA.
Separately, Iranian President Masoud Pezeshkian said that the U.S. must stop trying to bully Iran.
“America must correct its tone and approach in dealing with Iran, because relying on force and bullying will only complicate the process,” he said, according to the semiofficial Tasnim news agency. “Our nation, relying on its solidarity, will overcome any pressure and threats.”
