US Unveils 'Economic D-Day' Of Sanctions to Isolate Iran

 

• The U.S. on ‌Monday announced an expansion of secondary sanctions it hopes will "sever every economic lifeline" that sustains Iran, U.S. Treasury Secretary Scott Bessent said at a press conference.
• Bessent unveiled what he described as an "economic D-Day" that aims to give a final warning ​to countries to cut their business ties with Iran or risk having key companies and ​entities cut off from the dollar-based financial system.
• "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," Bessent said.
• Iran has spent decades under layers of U.S. and international sanctions that ​have battered its economy but have not deterred its leadership. Bessent previously urged cooperation from China, the biggest buyer of Iranian ‌oil ⁠for several years, although the U.S. blockade of Iran's ports, renewed in mid-July, has already cut Iranian oil flows to China.
• Bessent said the U.S. Treasury Department has mapped the networks, facilitators and financial channels that Iran uses to smuggle oil and evade sanctions. He said Washington would be working with U.S. partners to ⁠target ​any source of Iran's "illicit revenue."

(Source: Reuters)