world-economy

Treasury Announces Major New Iran Sanctions Push

Treasury Secretary Scott Bessent will unveil an expanded sanctions regime against Iran on Monday, characterizing the effort as the "single greatest financial offensive ever" against Tehran. President Trump has labeled the campaign "economic D-Day" and indicated plans to target third countries that provide financial support to Iran. The Iranian Rial has fallen to record lows in anticipation of the measures. The administration's focus appears directed at pressuring foreign governments and entities that facilitate cash flows to Tehran, rather than solely targeting Iranian businesses. In a Financial Times editorial, Bessent stated the objective is to "sever every economic lifeline that sustains the tyrannical regime." China, Iran's largest oil customer, faces particular scrutiny. Historically, China has purchased roughly 90 percent of Iranian crude. The U.S. maintains sanctions dating back nearly 50 years, with additional penalties imposed as recently as June against entities helping Iran circumvent existing restrictions.