Treasury Secretary Scott Bessent unveiled the measures as part of President Donald Trump’s announcement of the "most crushing economic operation" against Tehran, labeled “Operation Economic Outcast.”
After the measures were announced, Tehran’s Economy Minister Seyed Ali Madanizadeh said the government was prepared to counter the newly-unveiled U.S. sanctions.
“This time, they shouldn't think that our approach is purely defensive; they should also expect an attack from us.”
“Plans have been developed for various scenarios, including what actions should be taken if they attempt to cause damage in the financial sector or in the country's financial relations,” he said, adding that “the global financial system is not structured in a way that allows anyone to claim they can cut off” Iran’s economy.
When asked why he was waiting to impose those sanctions, Bessent responded: "Why would I want to blow up the global financial system?"
Bessent did not name any countries that could face sanctions, but said "they know who they are."
Foreign Ministry spokesperson Lin Jian said China-Iran cooperation "should not be disrupted or undermined," noting that it had been conducted in accordance with international law.
The Office of Foreign Assets Control (OFAC) has sanctioned nearly 60 entities, individuals, and vessels connected to Iran’s regime, while also gaining powers to impose additional sanctions on any person operating within the digital assets, technology, gold, aviation, and shipping sectors of the Iranian economy.
Trump, meanwhile, claimed Monday that Iran is "completely collapsing,” without elaborating on what he based the claim.
Strait of Hormuz attack raises stakes after sanctions announcement
The incident highlights the continued danger for shipping companies attempting to transit the key waterway, through which roughly a fifth of the world's oil supply passed before the war. The closure of the Strait has rattled energy markets and thrown the global economy into disarray.
"The U.S. President says that he ordered an economic war and launched the most severe economic campaign against Iran,” he said, as reported by Iranian state media Sunday. “We have repeatedly announced that we have scenarios in place for any hostile action by the enemy. One of the enemy’s hostile actions is economic measures and warfare.”
The cease-fire established under the Memorandum of Understanding (MoU) signed between Washington and Tehran expired on Aug. 17, but the agreement had already deteriorated after each side presented differing interpretations of its terms.
Iran has since released a comprehensive list of demands for the U.S. to meet, which Trump immediately rejected. Both sides have since shown little sign of progress in negotiations, despite relatively limited fighting in recent weeks.
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