US sanctions target Iran's vital sectors, threaten allies with dollar ban

The United States announced Monday it will impose new sanctions targeting five "vital" sectors of Iran's economy, including digital assets, technology, gold, aviation, and maritime shipping, while threatening allies with secondary sanctions. Treasury Secretary Scott Bessent stated the measures aim to "cut off all economic resources" supporting Iran's government, warning that countries facilitating money laundering for Tehran will be "expelled from the dollar system." He said "nobody is beyond the reach of American sanctions," including China, Iran's strategic economic partner. Iran dismissed the announcement as a "recognition of defeat" by the US, though President Massoud Pezeshkian acknowledged economic difficulties. President Donald Trump claimed Iran is "completely collapsing" after a June interim agreement failed, as he prioritizes economic warfare over military strikes.