US unveils sweeping sanctions to cripple Iran's economy

Treasury Secretary Scott Bessent announced Monday that the U.S. will impose punishing secondary sanctions on countries and entities doing business with Iran, aiming to cripple its economy without renewed military strikes. The plan, called an "economic D-day," expands existing but partially enforced sanctions and is expected to remain the primary U.S. action until after midterm elections. Success requires building a Western coalition and confronting nations like China and Russia that still trade with Iran. Iran's economy is already in deep crisis, with its currency hitting a record low of 2 million rials to the dollar and a naval blockade cutting oil exports. Iranian leaders acknowledge the collapse threat, with President Masoud Pezeshkian urging an end to the war.