US sanctions Iran, warns allies of economic isolation

The United States announced Monday a new sanctions package aimed at cutting off all of Iran's economic resources and warned countries supporting Tehran they would face isolation. Iran dismissed the move as an admission of defeat by Washington. Treasury Secretary Scott Bessent detailed secondary sanctions targeting Iran's partners in gold, technology, digital assets, aviation, and shipping, without specifying implementation dates or target countries. He warned non-participants would share Iran's isolation and potentially be expelled from the dollar system. Iranian Economy Minister Ali Madanizadeh promised a "new defeat" for Washington, citing a two-year plan to counter sanctions. The country faces 66% inflation and a collapsing currency, while oil exports have fallen to 0.4 million barrels daily from two million before the conflict.