U.S. Treasury rolls out fresh sanctions package targeting Iran's economy

U.S. Treasury Secretary Scott Bessent announced an "economic onslaught" against Iran, combining fresh sanctions with threats of secondary penalties for foreign actors that continue business with Tehran. The Treasury will give other governments timelines to end Iran-related trade, and will cut off any foreign entity that helps evade sanctions or launder money. OFAC listed almost 60 new targets, including the Iranian defence ministry's ballistic and nuclear procurement network, a cyber group blamed for attacks on U.S. infrastructure, and a web of shipping, trading and financial firms tied to oil exports.

Licences that previously allowed certain remittance flows and Iranian participation in U.S. cultural and academic programs were suspended. Additional prohibited activities now span cryptocurrency, dual-use technology, gold, aviation and maritime services, with specific firms in the Middle East, Asia and China named for supporting missile and nuclear projects. Five tankers identified as part of a "shadow fleet" were also blocked from U.S. transactions.