world-economy

Treasury Unveils Sweeping Iran Sanctions Package

Treasury Secretary Scott Bessent announced a new round of economic sanctions against Iran on Monday, describing the measure as the "single greatest financial offensive ever" against the Tehran government. President Trump characterized the move as "economic D-Day," vowing to target countries that maintain financial ties with Iran. The Iranian Rial plunged to record lows in anticipation of the announcement. The U.S. already maintains extensive sanctions on Iran dating back nearly 50 years, with additional penalties imposed in June against entities helping Iran circumvent existing restrictions. The latest sanctions appear designed to pressure governments and countries—not just individual businesses—that facilitate cash flow to Tehran. Secretary Bessent criticized major trading partners, particularly China, which historically purchases roughly 90 percent of Iran's oil exports. The administration warned countries engaging in Iranian trade to "consider the consequences" of doing so. Tehran vowed to respond to the fresh sanctions in a "seismic manner."