US threatens expanded sanctions on Iran and its trade partners
The United States is set to announce further sanctions targeting Iran and its trade partners as Tehran threatens Gulf oil exports.
Washington, United States. The United States has threatened what it called its largest financial offensive against Iran, with new economic sanctions targeting Tehran’s trade partners due to be announced on Monday. Iran said it would shut down all oil exports from the Gulf if what it described as an economic war continued.
Sanctions announcement
US Treasury Secretary Scott Bessent was due to hold a press conference at 1 p.m. EDT (1700 GMT) on Monday, amid promises to unveil more severe measures against Iran.
“At dawn begins an economic D-Day — the single greatest financial offensive ever marshalled against an adversary,” Bessent wrote in an opinion article published by the Financial Times on Sunday.
Without providing details of the measures, Bessent said the United States would target “fearful nations” that practise “appeasement” by engaging with Iran’s economy and financial system.
“They would do well to consider the consequences of sustaining it,” he wrote.
Conflict and regional risks
The United States and Iran have not carried out military strikes against each other for weeks, but they have not held meaningful talks aimed at ending the six-month conflict.
Thousands of people, most of them in Iran and Lebanon, have been killed since the United States and Israel began strikes on February 28. The strikes degraded much of Iran’s conventional military capacity, caused economic damage and killed Iranian Supreme Leader Ayatollah Ali Khamenei.
Iran has retained missile and drone capabilities that could be used to attack Gulf neighbours and threaten oil tankers in the Strait of Hormuz. Shipping through the waterway has slowed to a near standstill, putting pressure on global fuel prices.
The condition of Iran’s nuclear programme, which the United States and Israel seek to eliminate, remains unknown.
Iranian response
Iran has prepared for the sanctions for several days and issued strongly worded statements indicating a possible major military response.
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