US Treasury Secretary Scott Bessent warned Iran on Monday about the application of an 'economic Day D,' announcing a wave of new sanctions aimed at further isolating the country.
During a press conference, Bessent stated: 'We are beginning an economic offensive against Iran's financial ties worldwide.' He emphasized that the goal is to 'sever every economic lifeline' supporting the country.
The US Department of Finance reported in a press release that new sectoral sanctions decisions affect five key sectors: digital assets, technology, gold, aviation, and shipping. According to the US, Iran has used these sectors to sustain its economy.
These measures marked the start of a 'sustainable and systematic campaign to close all financial resources' supporting Iran, according to the department's statement. Furthermore, a warning was added that any entity facilitating money laundering or sanctions evasion on behalf of Iran risks being excluded from the US financial system.
The department is expanding the categories of 'Iran-related behavior' that may be subject to future sanctions and announced that 'each country will be given a specific deadline to cease activities related to Iran,' as defined by the US.
Bessent also revealed that US President Donald Trump had appealed to world leaders with specific requests to cease engagement with Iran.
Concurrently, the department's Office of Foreign Assets Control (OFAC) imposed sanctions on nearly 60 organizations, individuals, and vessels in various jurisdictions that support Iranian activities, including the procurement of illegal nuclear and missile technologies, cyber operations, and oil revenue networks.
OFAC also suspended a number of general licenses that previously permitted certain payments to Iran and Iranian access to the US cultural and academic system.
In addition, the Department of Finance issued further clarifications regarding sanction risks associated with fulfilling Iranian demands concerning shipping in the Strait of Hormuz.
In response to the US economic threats against Tehran, Iranian parliament speaker Mohammad Bagher Ghalibaf posted on X, stating that 'Iran's trade partners, both in the media and through messages sent to us, have made it clear that they do not take these statements into account.' Iran's Minister of Economy and Finance, Seyed Ali Madanizadeh, noted in another X post that 'they cannot cut off our financial lifelines,' adding that Tehran 'has been planning to counter sanctions for some time.'