US to expand Iran sanctions, warning countries to cut economic ties

The United States is expected to announce a major expansion of secondary sanctions against Iran on Monday, warning countries to cut economic ties or risk being cut off from the dollar-based financial system. Treasury Secretary Scott Bessent will outline measures broadening sanctions on entities and countries maintaining economic ties with Iran, according to a source familiar with the plans. The move aims to pressure Iran to end attacks on shipping in the Gulf and Red Sea. China, the biggest buyer of Iranian oil, faces potential sanctions on its banks, though Washington is wary of retaliation ahead of planned U.S.-China talks. Iran has dismissed the threat, warning of a tighter squeeze on shipping through the Strait of Hormuz.