US Launches New Economic Pressure Campaign Against Iran

By Staff, Agencies

The United States has announced a major new round of sanctions against Iran, with Treasury Secretary Scott Bessent warning that Washington will target countries and entities that continue financial dealings with Tehran.

The US Treasury Department said Monday that sanctions had been imposed on nearly 60 individuals, companies and vessels across several jurisdictions. The targets are accused of involvement in the transfer of nuclear and missile technology, support for Iran’s cyber activities and the movement of Iranian oil.

More than one-third of those sanctioned, including 21 individuals and entities, are based in China. The Treasury Department also identified digital assets, technology, gold, aviation and shipping as potential areas for additional secondary sanctions.

Bessent later announced what he called “Operation Economic Outcast,” describing it as a broad campaign designed to disrupt Iran’s financial relationships around the world.

He warned that entities helping Iran launder money could lose access to the US dollar system. Bessent said the administration had begun pressing other countries to cut their economic ties with Tehran.

Iran currently trades with more than 100 countries, according to World Bank data. Asked how Washington intended to pressure so many nations into complying, Bessent said President Donald Trump had spoken with several foreign leaders and made specific requests for them to halt economic interactions with Iran. He said countries had been given timelines to respond but declined to provide further details.

Bessent also declined to identify the countries involved or specify deadlines, saying Washington was pursuing the matter through quiet diplomacy. He warned that no country would be beyond the reach of US sanctions.

Iranian officials dismissed the US threats. Senior Iranian negotiator Mohammad Bagher Ghalibaf said Washington’s statements would not intimidate Iran's trading partners, arguing that the United States was not in a position to further restrict its economic relations with other countries.

Mohsen Rezaei, head of Iran’s Supreme National Security Council, separately warned that if Gulf states joined the US pressure campaign, Iran could prevent oil shipments from leaving the Gulf and the Strait of Hormuz. He also threatened a major retaliation if Trump took further action against Tehran.

The latest measures come after Trump warned last week of what he called “Economic D-Day” for Iran following the expiration of a 60-day period for negotiations without a breakthrough.

Although Trump ruled out returning to negotiations, Pakistan’s Chief of Defense Forces Asim Munir traveled to Tehran on Monday in an effort to revive diplomatic talks.