The U.S. Treasury Secretary, Scott Bessent, announced what his department described as “an economic onslaught” against Iran on Monday, combining new sanctions with threats against Tehran’s trading partners.
His statement stops short of implementing some of the most severe sanctions and doesn’t specify which countries may be targeted or when these penalties will take effect.
Here’s a summary of the actions announced:
Pressuring other governments
The United States will establish deadlines for other nations to cease economic dealings with Iran and warn of unspecified measures if they fail to comply.
Foreign entities involved in money laundering or helping Iran evade sanctions could face disconnection from the U.S. financial system.
Additional types of economic activities with Iran could now trigger secondary sanctions on other countries, individuals, or companies, regardless of their location.
These newly restricted activities include transactions involving digital assets like cryptocurrency, along with dealings in technology, gold, aviation, and shipping.
Targeted sanctions on Iran-related entities, individuals, and vessels
The Office of Foreign Assets Control (OFAC) has imposed sanctions on nearly 60 specific entities, individuals, and ships alleged to facilitate Iranian activities.
The new measures target Iran’s defense ministry’s ballistic and nuclear procurement channels, a cyber group believed to have conducted attacks on U.S. infrastructure, and the shipping, trading, and financial networks involved in Iran’s oil exports.
OFAC also revoked several licenses that previously permitted some remittance payments to Iran and access to the U.S. cultural and academic sectors.
Restrictions on military procurement
More than 20 of the new sanctions target entities and individuals across the Middle East and Asia alleged to support Iranian nuclear research and missile programs, including Chinese companies supplying dual-use items to a sanctioned Iranian tech institute.
Cyberactivity sanctions
The U.S. is expanding sanctions against several individuals previously sanctioned for involvement in cybercrime or threats to national security.
Sanctions on Iran’s oil export networks
New measures aim to cut off Iran’s oil exports by targeting vessel brokers, fueling services, and financial intermediaries. Several individuals and companies based in the UAE, Singapore, and Hong Kong are named.
The Treasury also flagged five vessels as part of a so-called “shadow fleet,” with their assets listed as “blocked property,” meaning U.S. persons and entities are prohibited from conducting financial transactions with them.