US moves to enforce sweeping sanctions against Iran
The US is preparing sweeping sanctions against Iran, targeting its dollar access and global trade partners as the rial falls to a record low.
The United States is preparing to detail new financial measures aimed at isolating Iran and its global commercial partners. Speaking ahead of a formal announcement, US Treasury Secretary Scott Bessent said Washington plans to implement "the toughest sanctions in history" to sever Tehran's financial lifelines.
Under the proposed measures, any institutions found assisting Iran with money laundering will be removed from the US dollar financial system. Bessent argued that maximizing economic pressure could lessen the need for future large-scale military actions in the region. Urging international allies to support the campaign, he stated, "You are either with us or against us."
The announcements follow warnings of an "economic D-day" from US President Donald Trump, which triggered a 4.5% decline in Iran's currency, driving the rial to an all-time low of 1.992 million per dollar on unregulated markets.
Sources: BBC News, Bloomberg, Cyprus Mail, Sweden Herald, The Guardian