'No more grey spaces': US launches 'economic onslaught' against Iran, warns countries to cut ties with Tehran or face sanctions

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.