U.S. Treasury Secretary Scott Bessent told reporters on Monday that the United States is launching a broad “economic onslaught” to cut off Iran’s financial lifelines. The announced sanctions will focus on foreign companies and banks that help move Iranian oil, shipping, cryptocurrency, gold and aviation services, effectively extending U.S. pressure beyond direct Iranian targets.
Trump’s Diplomatic Push
Bessent said President Donald Trump is personally calling world leaders with “specific requests” to halt trade with the Iranian regime. The administration is using what Bessent described as “quiet diplomacy” to warn potential partners of the consequences of continuing business with Tehran.
Mechanics of the New Measures
Any entity that facilitates money‑laundering on behalf of Iran could be removed from the U.S. dollar system. Bessent emphasized that “no one is above the reach of U.S. sanctions” and introduced a “cure period” for nations to end prohibited relations before further action is taken.
International Reaction
Before the announcement, the United Arab Emirates said it would end all trade with Iran, aligning with the United States. Experts note that the success of the sanctions will depend on whether Iran’s major trading partners—China, India and Russia—view the threats as credible. University of Leiden lecturer Andrew Gawthrope warned that countries with deep ties to Iran are unlikely to abandon trade abruptly.
War Costs and Domestic Impact
The ongoing conflict, which began six months ago after U.S. and Israeli strikes aimed at preventing Iran from acquiring a nuclear weapon, has already cost the United States billions. Defense Secretary Pete Hegseth estimated a $37.5 billion price tag, while Moody’s Analytics chief economist Mark Zandi said the war has added roughly $1,200 to the average household’s annual energy and grocery expenses.
Iranian Response
Iranian officials dismissed the U.S. threats. Speaker of Iran’s Parliament Mohammad Bagher Ghalibaf wrote on X that Americans “do not buy their bombast” and that the United States lacks the economic leverage to further restrict its relations. Deputy Foreign Minister Kazem Gharibabadi questioned whether Bessent’s plan was an admission of defeat, and Central Bank head Abdolnaser Hemmati said the new sanctions add no real pressure.
Local Concerns in Tehran
In Tehran’s Grand Bazaar, a historic commercial hub, police presence was heightened amid reports of rising gasoline prices and long lines at stations. Iran’s police chief Ahmadreza Radan warned that U.S. actions could spark unrest tied to livelihoods, fuel costs and unemployment.
The announcement marks what Bessent called “the single greatest financial offensive ever” in an op‑ed for the Financial Times. Whether the strategy will force Iran to isolate itself remains uncertain, but the United States is signaling a willingness to extend sanctions to any foreign party that sustains the regime’s economy.
Original reporting: NBC4 Los Angeles — read the source article.
