US launches 'economic offensive' on Iran, warns supporters of sanctions
US Treasury Secretary Scott Bessent announced a new initiative targeting Iran's financial networks, calling it an "economic offensive" to isolate Tehran. He warned that any country supporting Iran faces US sanctions. The measures include sanctions on nearly 60 entities, individuals, and vessels across five sectors: digital assets, technology, gold, aviation, and shipping. Bessent stated the US has identified networks Iran uses for oil smuggling and sanctions evasion, giving countries clear deadlines to halt Iran-related activities. The announcement comes nearly six months after the US-Israel war with Iran disrupted Gulf energy supplies through the Strait of Hormuz. China criticized the sanctions, while Iran said it was prepared with a two-year contingency plan.