US Treasury unveils ‘economic D-Day’ plan targeting Iran with sweeping sanctions

Those who continue economic ties after their deadlines could face economic isolation alongside Tehran.

By Vered Weiss, World Israel News

U.S. Treasury Secretary Scott Bessent on Monday announced plans for a sweeping expansion of economic pressure on Iran, including sanctions against about 60 entities, individuals, and vessels and potential penalties for countries and companies that continue doing business with Tehran.

Bessent detailed what President Donald Trump has described as an “economic D-Day” plan, saying Washington is launching an “economic attack” targeting Iran’s financial connections and sources of revenue.

The planned sanctions will focus on five major sectors: digital assets, technology, gold, aviation, and shipping.

Countries will be given deadlines to end business dealings with Iran, Bessent said. Those who continue economic ties after their deadlines could face economic isolation alongside Tehran.

“No one should test our resolve,” Bessent said.

The administration also plans to restrict access to the U.S. dollar for entities involved in laundering Iranian funds. Beginning Monday, Washington will move to block potential revenue sources that finance the Islamic Revolutionary Guard Corps and the Iranian regime.

The United States is also considering revoking general licenses that have allowed financial transfers to Iran.

The expanded measures will target networks of intermediary companies and vessels associated with Iran’s so-called “shadow fleet.”

Those operations include entities in the United Arab Emirates, Hong Kong, China, Singapore, Switzerland, and other European countries.

Bessent specifically warned that companies and other entities in China would not be shielded from the measures.

“No one is beyond the reach of U.S. sanctions,” he said.

Bessent said Iran now faces a choice between complete economic isolation and returning to the global economy.

The Treasury Department’s campaign is expected to expand further in the coming days.

Bessent said a major financial institution is expected to face sanctions by the end of the week as Washington increases pressure on the financial system that allows Iran to continue conducting business internationally.

The measures form part of Trump’s plan to use U.S. economic leverage against Tehran and entities worldwide that continue maintaining financial and commercial relationships with Iran.