US sanctions on Iran backers: Bessent warns of timeline

US Treasury Secretary Scott Bessent announced a new sanctions campaign against Iran on Monday, warning all countries have a defined timeline to cease identified activities or face action. He said President Donald Trump is contacting world leaders with specific requests to end interactions with Iran. Bessent described the campaign as an "economic onslaught" to sever Iran from the global economy, with a "zero leakage" enforcement approach. New sectoral sanctions target digital assets, technology, gold, aviation, and shipping. He declined to specify a deadline, saying the administration lacks "infinite patience," and hinted a major financial institution would be sanctioned this week. The move is part of Trump's pressure on Iran to end attacks on ships in the Gulf and Red Sea, launched after US and Israeli air strikes began in February. China, Iran's biggest oil buyer, is not exempt, though a US blockade has already cut Iranian oil flows to China.