The United States on Monday announced plans to expand economic pressure on Iran and warned countries doing business with Tehran that they could face sanctions, but stopped short of immediately imposing penalties.
US Treasury Secretary Scott Bessent described the planned measures as an “economic onslaught” targeting Iran’s financial networks worldwide as the conflict with Iran approaches its six-month mark.
Bessent did not identify the countries that could be targeted or provide a timeline for the possible penalties. He said Washington wanted to give businesses and governments a short period to adjust before the measures were implemented.
He also announced sanctions against nearly 60 individuals, entities and vessels, targeting five sectors that Washington says are helping Iran sustain its economy digital assets, gold, technology, aviation and shipping.
Bessent said the US was also preparing a major sanctions announcement against a financial institution later this week.
Washington has maintained broad sanctions on Iran for decades, particularly targeting its oil revenues, aviation sector, cryptocurrency activities, military procurement and businesses linked to the Islamic Revolutionary Guard Corps (IRGC).
The measures restrict sanctioned entities’ access to the US dollar-based financial system. However, Tehran has frequently sought to circumvent the restrictions by establishing new front companies and registering vessels under different jurisdictions.
Earlier, President Donald Trump claimed that Iran was “collapsing”. Bessent had also warned in an opinion article that countries continuing to support Tehran could face international isolation.
Iranian Deputy Foreign Minister Kazem Gharibabadi dismissed the US claims, arguing that Washington’s decision to launch a broader financial campaign contradicted its assertion that sanctions had already weakened Iran.
China, the largest buyer of Iranian oil in recent years, said it would closely monitor the situation and take necessary measures to protect its interests.
Washington has increased pressure on Chinese purchases of Iranian crude but has so far avoided imposing sanctions on major Chinese banks.
A Chinese foreign ministry spokesperson called for restraint and said sanctions and pressure would not resolve the dispute.
Meanwhile, Chinese President Xi Jinping called for a diplomatic solution to the Middle East crisis during talks with Jordan’s King Abdullah II in Beijing.
Xi stressed the need to respect the sovereignty and security of countries in the region and reiterated China’s support for a comprehensive ceasefire and the resolution of disputes through political and diplomatic means.
He also called for a “comprehensive, just and lasting” solution to the Palestinian issue and backed the resumption of Israeli-Palestinian peace talks based on the two-state solution.
