The United States (US) on Monday, August 24, announced a new round of economic sanctions on Iran aimed at isolating the country.
US treasury secretary Scott Bessent announced the measures, saying Washington would seek to sever and isolate economic ties between Iran and countries that continue to conduct business with the Iranian regime.
Bessent made the announcement at a press conference where he outlined the planned sanctions, which he described as “Operation Economic Outcast.”
He said president Donald Trump was already contacting world leaders with specific requests for them to stop trading with Iran.
“We are level-setting with every country to tell them our expectations. We know who they are. They know who they are, so when the hammer of US Treasury actions falls upon them, they will have no one to blame but themselves,” Bessent said.
He said the US was launching an economic onslaught against Iran’s financial connections in an effort to sever its economic pipeline and leave Tehran isolated.
The announcement came a week after Trump said he was preparing to impose what he described as the most crushing economic operation against Iran.
The new sanctions will target international entities involved in facilitating Iranian trade linked to shipping, oil, cryptocurrency, gold and aviation.
The US treasury department also announced sanctions against nearly 60 corporations, individuals and vessels across multiple jurisdictions that it accused of enabling what it described as the Iranian regime’s recklessness.
The list includes several Chinese nationals.
“No one is above the reach of US sanctions,” Bessent said.
However, China, Iran’s largest trading partner, has maintained that it is illegal for its citizens and businesses to comply with unilateral US sanctions.
Iran has also rejected the new measures, saying it is prepared to withstand an economic war.
Iranian economy minister Ali Madanizadeh, responding to Bessent’s announcement, said the government was prepared for the pressure and predicted that Washington would fail.
“The government is fully prepared for this economic war. You will fail this time too,” Madanizadeh said.
The latest measures come amid an ongoing conflict between the US and Iran that has lasted nearly seven months.
Last week, the Iran-US memorandum of understanding signed on June 17 expired, marking the end of a 60-day deadline during which both countries were expected to end the war and reach an agreement on Iran’s nuclear programme.
Trump had earlier demanded that Tehran put up the white flag of surrender and threatened to claim control over the Strait of Hormuz.
“After we finish defeating Iran, which is being very badly defeated, I’ll be declaring the Hormuz Strait a territory of the United States,” Trump said.
The United Arab Emirates (UAE), a US ally, also announced last week that it was suspending all trade, commercial exchanges and financial transactions with Iran.
The latest sanctions are expected to further increase pressure on Iran’s economy and businesses involved in its international trade as Washington seeks to restrict Tehran’s access to global financial and commercial networks.
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