US Treasury Secretary Scott Bessent announced what his department called “an economic onslaught” against Iran on Monday that combined new sanctions with threats against Tehran’s trading partners.
His statement stopped short of some of the most punishing sanctions and did not list specific countries that would be targeted or when those penalties would take effect.
Here’s a summary of actions he announced:
Pressing other govts
The United States will set timelines for other countries to shut down economic activity with Iran and threatens unspecified actions if they do not comply.
Foreign entities that facilitate money laundering or sanctions evasion for Iran risk being cut off from the US financial system.
More types of economic activity with Iran may now lead to secondary sanctions on other countries, individuals or entities regardless of where they are located.
These newly listed activities include dealings in digital assets like cryptocurrency, technology, gold, aviation and shipping.
Sanctions on specific Iran-linked entities, individuals and vessels
The Treasury’s Office of Foreign Assets Control (OFAC) has added specific sanctions on nearly 60 entities, individuals and vessels that it says are enabling Iranian activity.
The new sanctions target the Iranian defence ministry’s ballistic and nuclear procurement network, a cyber group the US says is behind attacks on its infrastructure, and the shipping, trading and financial network involved in Iranian oil sales.
OFAC has also suspended several licences that previously allowed some remittance payments to Iran and Iranian access to the US cultural and academic system.
Military procurement
More than 20 of the new sanctions are targeted at entities and individuals in the Middle East and Asia that the Treasury says are involved in financial and logistical support for Iranian nuclear research and missile development.
These include China-based companies that supplied what the Treasury considers dual-use items for a previously sanctioned Iranian technology institute.
Cyberattacks
The US is expanding sanctions on several previously sanctioned individuals, accusing them of involvement in cybercrime or threats to US national security.
Oil networks
New sanctions aimed at stopping Iran’s oil exports include vessel brokers, bunkering service providers and financial intermediaries. These name several individuals and entities based in the United Arab Emirates and others in Singapore and Hong Kong.
The Treasury also identified five tankers as part of what it called a “shadow fleet” and are listed as “blocked property,” meaning OFAC prohibits US nationals or people based in the United States from having any financial transactions with them.
