'No more grey spaces': US launches 'economic onslaught' against Iran, warns countries to cut ties with Tehran or face sanctions
The US Treasury has sanctioned around 60 Iran-linked entities, individuals and vessels. Washington has also targeted channels used by Iran to bypass sanctions, access funds and smuggle oil
The US Treasury has initiated a significant sanctions campaign against Iran, labeling it an 'economic onslaught' to cripple the nation's global financial network and revenue streams. This aggressive approach, detailed by Treasury Secretary Scott Bessent, targets entities facilitating money laundering and warns countries against supporting Tehran, threatening removal from the US dollar system. The sanctions are designed to achieve 'economic asphyxiation' by severing economic lifelines and isolating Iran financially until its government ceases its current actions. Key sectors identified as crucial for Iran's economic support, including digital assets, technology, gold, aviation, and shipping, are under particular scrutiny, with around 60 Iran-linked entities already sanctioned.
The US Treasury has initiated a significant sanctions campaign against Iran, labeling it an 'economic onslaught' to cripple the nation's global financial network and revenue streams. This aggressive approach, detailed by Treasury Secretary Scott Bessent, targets entities facilitating money laundering and warns countries against supporting Tehran, threatening removal from the US dollar system. The sanctions are designed to achieve 'economic asphyxiation' by severing economic lifelines and isolating Iran financially until its government ceases its current actions. Key sectors identified as crucial for Iran's economic support, including digital assets, technology, gold, aviation, and shipping, are under particular scrutiny, with around 60 Iran-linked entities already sanctioned.
The US Treasury has initiated a significant sanctions campaign against Iran, labeling it an 'economic onslaught' to cripple the nation's global financial network and revenue streams. This aggressive approach, detailed by Treasury Secretary Scott Bessent, targets entities facilitating money laundering and warns countries against supporting Tehran, threatening removal from the US dollar system. The sanctions are designed to achieve 'economic asphyxiation' by severing economic lifelines and isolating Iran financially until its government ceases its current actions. Key sectors identified as crucial for Iran's economic support, including digital assets, technology, gold, aviation, and shipping, are under particular scrutiny, with around 60 Iran-linked entities already sanctioned.
US Treasury Secretary Scott Bessent on Monday laid out fresh US sanctions campaign, which he referred to as an "economic onslaught" against Iran's global financial network.
Saying it's "no longer acceptable to operate in the gray spaces" of the conflict, Bessent also warned countries to halt any activities that Washington sees as supporting Tehran.
"Any entity that facilitates money laundering on behalf of Iran will be removed from the US dollar system. The clock just started ticking," Bessent told a news conference.
Though the US official did not name the countries that could face potential secondary sanctions, China, Turkey and the UAE are Iran's largest trade partners.
"Let there be no ambiguity as to the position of the United States," Bessent said. "An economic engagement of any kind with this murderous regime will expose those responsible to the full reach of American power."
With the latest sanctions campaign, the US is seeking to target Iran's revenue sources that are evading US sanctions.
"We are launching an economic onslaught against Iran's financial connections around the globe. Our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone," Bessent told reporters. “We are going to hold everyone accountable, and this is economic asphyxiation of this regime.”
“We do not have infinite patience here," Bessent said, adding that the sanctions would continue until the Iranian government “stands alone".
The US Treasury has sanctioned around 60 Iran-linked entities, individuals and vessels. Washington has also targeted channels used by Iran to bypass sanctions, access funds and smuggle oil.
The treasury department said it has identified five sectors – digital assets, technology, gold, aviation and shipping – that the Iranian government is using to prop up its economy.