US Treasury Secretary Bessent to Detail Expanded Iran Sanctions Targeting Trade Partners
- Bessent launches “economic onslaught” on Iran; China not exempt from global sanctions.
- Trump pressures leaders; UAE cuts ties; major bank faces sanctions this week.
- US sanctions dozens of China/HK businesses, but spares major financial institutions.
US Treasury Secretary Scott Bessent is set to unveil details of expanded sanctions against Iran and its economic partners during a press conference on Monday. The announcement, anticipated at 1 p.m. ET (17:00 GMT), follows Bessent’s warning of an “Economic D-Day” aimed at isolating Tehran. The administration’s objective is to intensify pressure on Iran to accept a deal and restrain the ongoing conflict, potentially broadening secondary sanctions on entities maintaining business ties with the nation. Bessent previously stated, “You are either with us, or against us,” indicating a strong stance against nations perceived as appeasing Iran, though some analysts suggest the realistic options for further isolation may be limited.
US Treasury Secretary Bessent stated that no country, including China, is outside the reach of US sanctions on Iran. He announced the US is launching an “economic onslaught” and an “economic D-Day” against Iran’s financial connections globally, pursuing a “zero leakage” approach to enforcement. President Trump is personally calling world leaders to press them to cut economic ties with Tehran. Countries have been given a finite timeline to shut down identified activities, with Bessent warning of US Treasury authorities being used against non-compliant nations. Bessent also indicated that a major financial institution is expected to be sanctioned this week.
US Treasury Secretary Bessent highlighted efforts to sever Iran from the global economy, noting that the United Arab Emirates (UAE) took actions last week to cut economic ties with the Islamic Republic.
The US has sanctioned dozens of businesses in China and Hong Kong as part of its expanded Iran sanctions. However, the sanctions avoided targeting major Chinese financial institutions.