US to unveil toughest sanctions yet to isolate Iranian economy
US Treasury Secretary Scott Bessent announced upcoming sanctions to isolate Iran from the dollar system, warning allies to back Washington's efforts as the rial fell to a record low.
United States Treasury Secretary Scott Bessent announced that Washington will implement unprecedented economic sanctions aimed at isolating Iran from the global financial system. Speaking ahead of the official details, Bessent stated that the measures target actors assisting Tehran with money laundering by excluding them from dollar-based transactions.
He issued a stark ultimatum to international partners, declaring, "You are either with us or against us," while asserting that Washington's goal is to "collapse this regime" and "squash" its economy. The announcements follow warnings from President Donald Trump of an "economic D-day" to address Middle East tensions. Officials suggested that intensified financial pressure could lessen the need for future military action. Following the statements, Iran's currency fell to a record low against the dollar on unregulated markets.
Sources: BBC News, Bloomberg, Cyprus Mail, Sweden Herald, The Guardian.