The administration of U.S. President Donald Trump has announced new sanctions on Iran that it says are meant to isolate the Middle Eastern country from the rest of the global economy.
U.S. Treasury Secretary Scott Bessent unveiled a campaign to isolate and pressure Iran, warning that any country conducting business with Iran risks facing U.S. sanctions as well.
Bessent said the U.S. is focusing on five of Iran's key economic areas, including cryptocurrencies, technology, gold, aviation, and shipping.
However, the Treasury Secretary declined to set a timeline for U.S. sanctions or specify what specific steps the U.S. government is taking to limit Iran’s economy.
Bessent did state that President Trump is calling world leaders directly with specific requests to sever economic ties with Iran.
The U.S. Treasury Secretary announced sanctions on 60 foreign governments and companies believed to have economic ties with Iran.
But the list did not include China or any major Chinese businesses. China is widely suspected of facilitating Iran's oil trade and of supplying the country with weapons and military equipment.
Bessent refused to discuss China or any other country but said that the best way to engage on Iran was through diplomacy.
The economic sanctions are the latest attempt by the U.S. to punish Iran after the Trump administration ceased military operations against the country.
For its part, Iran has vowed to retaliate against the U.S. sanctions, with Iranian government officials saying they are confident their trading partners would resist America’s influence.
Iran has also vowed to keep the Strait of Hormuz waterway in the Middle East closed to commercial shipping.
The ongoing closure of the Strait of Hormuz has largely been blamed for a rise in crude oil prices this year.
Brent crude oil, the international standard, is trading right around $90 U.S. a barrel on Aug. 25.
Related Stories
