- The US treasury secretary, Scott Bessent, announced an initial set of sanctions on 60 individuals, entities and vessels for alleged involvement in trade with Iran, but no Chinese financial institutions were on the list.
- Bessent called the sanctions campaign unprecedented and compared it to the D-day Normandy landings, saying: “Today, in that same spirit, we are launching an economic onslaught against Iran” financial connections around the globe.
- Bessent warned that “any entity that facilitates money laundering on behalf of Iran will be removed from the US dollar system” and that each violator would be given a deadline to cut ties or face US sanctions.
- The US defense secretary, Pete Hegseth, insisted that further military action was not off the table, saying: “By no means are we foreclosing using kinetic strikes anywhere in the Strait of Hormuz or around Iran.”
- In apparent anticipation of the US measures, the United Arab Emirates, a close US and Israeli ally, announced it was suspending trade ties with Iran.
- China denounced the US threat of sanctions over trade with Iran.
The U.S. Treasury Secretary Scott Bessent announced unprecedented sanctions targeting 60 individuals, entities, and vessels linked to Iran, marking a significant escalation in economic pressure.1
"Today, in that same spirit, we are launching an economic onslaught against Iran’s financial connections around the globe," Bessent stated, likening the sanctions to the D-Day landings of World War II.
The sanctions come amid China's strong condemnation, with officials asserting that any such measures would be deemed illegal. China, which purchases an estimated 80% of Iran's oil exports, has vowed to take all necessary measures to protect its national interests.7
Bessent emphasized that any entity facilitating money laundering for Iran would face removal from the U.S. dollar system, stating, "The clock just started ticking." He warned that violators would be given a deadline to sever ties with Iran or face sanctions.
In response to the anticipated U.S. measures, the United Arab Emirates, a close ally of the U.S. and Israel, announced a suspension of trade ties with Iran. Defense Secretary Pete Hegseth also indicated that military action remains a possibility, stating, "By no means are we foreclosing using kinetic strikes anywhere in the Strait of Hormuz or around Iran."56
“Bessent compared the campaign to D-day, saying 'we are launching an economic onslaught against Iran's financial connections around the globe.' Hegseth added that kinetic strikes in the Strait of Hormuz are not off the table, while the UAE preemptively suspended trade ties with Iran.”
The Guardian
