US unveils 'economic D-Day' of sanctions to isolate Iran

The United States has escalated its economic pressure on Iran by announcing a significant expansion of secondary sanctions, aiming to "sever every economic lifeline" that supports the Iranian regime. U.S. Treasury Secretary Scott Bessent unveiled the initiative, describing it as an "economic D-Day" designed to issue a final warning to countries and entities conducting business with Iran.

Speaking at a press conference, Bessent stated, "We are launching an economic onslaught against Iran’s financial connections around the globe. Our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone." This move is part of a broader U.S. strategy to pressure Iran following its involvement in attacks on ships in the Gulf and Red Sea, which Tehran launched after U.S. and Israeli air strikes began in February.

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We are launching an economic onslaught against Iran’s financial connections around the globe. Our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone.

The U.S. Treasury Department has identified and mapped the networks, facilitators, and financial channels that Iran utilizes to smuggle oil and circumvent existing sanctions. Washington plans to collaborate with international partners to target any source of Iran's "illicit revenue." The sanctions specifically target five key sectors: digital assets, technology, gold, aviation, and shipping, which the Iranian government has used to bolster its economy.

Approximately 60 entities, individuals, and vessels have been sanctioned as part of this expanded effort. While diplomatic efforts to end regional conflicts have stalled, the sanctions aim to further isolate Iran economically. The U.S. has maintained sanctions against Iran for decades, primarily targeting its oil revenue, aviation sector, cryptocurrency dealings, and funding for entities controlled by the Islamic Revolutionary Guard Corps. The Treasury Department emphasized that "no one is above the reach of U.S. sanctions," signaling a broad application of the new measures.

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We want to make clear here today that no one is above the reach of US sanctions.