US sanctions Iran to cut war funds, target oil and tech sectors

The United States announced sweeping new sanctions against Iran on Tuesday, aiming to isolate the country economically amid a six-month stalemated war and blocked Strait of Hormuz. Treasury Secretary Bessent called the measures "economic asphyxiation" targeting Tehran's digital assets, technology, gold, aviation and shipping sectors. The sanctions also hit 60 individuals, companies and vessels worldwide, including in the UAE, Hong Kong, China, Singapore and Europe, for allegedly aiding Iran's oil revenue, weapons procurement and cyber operations. Bessent warned that entities facilitating money laundering for Iran would be removed from the US dollar system, with no country exempt from reach. Iran dismissed the threats, with its economy minister predicting "another defeat" for the US and citing a two-year readiness plan. The country's oil exports have fallen from two million barrels daily pre-war to 0.4 million, while ordinary Iranians face continued economic pain after recent protests.