US sanctions target Iran's economy in new pressure campaign

The U.S. Treasury announced new secondary sanctions Monday targeting countries doing business with Iran, in a move to achieve "economic asphyxiation" of Tehran's regime. Treasury Secretary Scott Bessent launched Operation Economic Outcast to cut off revenue streams. The sanctions target Iran's digital assets, technology, gold, aviation and shipping sectors, while blacklisting nearly 60 people, businesses and vessels involved in illicit trade. Bessent said the measures serve as a "warning shot" before full implementation, giving nations time to sever ties. President Trump has contacted world leaders for assistance in tightening economic pressure on Iran. The U.S. previously seized $1 billion in Iranian cryptocurrency assets in May, and sanctions have long targeted Iran's oil revenues and military procurement.