US Treasury Secretary Scott Bessent announced expansive new sanctions targeting five sectors deemed vital to Iran's economy — digital assets, technology, gold, aviation, and maritime shipping — in what President Donald Trump described as an "economic D-Day." The measures target nearly 60 individuals, companies, and vessels accused of generating oil revenues and acquiring weapons.
Bessent warned that states facilitating transactions with Iran will be expelled from the US dollar system and that no country is beyond the reach of US sanctions. The list, however, did not include Chinese financial institutions despite China accounting for more than 80% of Iranian seaborne oil exports. China vowed to resolutely defend its interests, calling maximum pressure policies ineffective.
The Iranian rial fell to a record low of 2.03 million against the dollar on Monday. Mohsen Rezaei, secretary of Iran's Supreme National Security Council, warned that no oil will be exported from the Strait of Hormuz if the economic war continues. The sanctions arrive nearly six months into the US military campaign against Iran, with shipping through the strait largely halted.