The Trump administration has initiated an "economic onslaught" against Iran, introducing a new wave of sanctions aimed at countries and companies conducting business with the nation. U.S. Treasury Secretary Scott Bessent unveiled the measures, dubbed "Operation Economic Outcast," in a press conference Tuesday, describing it as an "economic D-Day" intended to compel entities to sever ties with Iran or face isolation from the U.S. dollar-based financial system.
"We are launching an economic onslaught against Iran’s financial connections around the globe," Bessent stated. "Our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone."
The sanctions target five key sectors identified by the Treasury Department as crucial for supporting Iran's economy: digital assets, technology, gold, aviation, and shipping. In addition to these sector-specific measures, nearly 60 entities, individuals, and vessels have been sanctioned.
Bessent did not specify which countries might be subjected to secondary sanctions but noted that China, Turkey, and the United Arab Emirates are among Iran's largest trading partners. He emphasized the U.S. stance, stating, "An economic engagement of any kind with this murderous regime will expose those responsible to the full reach of American power."
These new sanctions are intended to intensify pressure on an Iranian economy already weakened by previous sanctions and a U.S. naval blockade. The announcement coincided with Iran's currency reaching a record low. The conflict between the U.S. and Iran, which began in late February, has led to the disruption of oil and gas supplies through the Strait of Hormuz, contributing to global inflation. Although heavy fighting has decreased, diplomatic efforts to resolve the war have stalled, and maritime shipping through the strait remains blocked. The conflict and its economic consequences have occurred as President Trump's approval ratings have reportedly fallen ahead of congressional elections this autumn. Oil prices saw little change following the announcement, with Brent crude trading below $92 a barrel.