US sanctions target Iran trade networks in shipping, oil, and crypto

Treasury Secretary Scott Bessent announced new sanctions Monday targeting entities that facilitate Iranian trade in shipping, oil, crypto, gold and aviation, vowing an "economic onslaught" to isolate Tehran. The sanctions list includes nearly 60 corporations, individuals and vessels across multiple jurisdictions, including Chinese nationals. Bessent warned of a "cure period" for nations to end trade with Iran but offered no immediate concrete actions against other countries, and markets showed little reaction. Iranian officials dismissed the threats, with Economy Minister Ali Madanizadeh vowing retaliation. The announcement follows six months of U.S.-Israel military action against Iran, costing the U.S. an estimated $37.5 billion and contributing to political losses for President Trump ahead of midterm elections.