US announces new sanctions on Iran, flags China, Turkey and UAE as major trade links
US Treasury unveils broad sanctions campaign aimed at cutting off revenue channels for Iran; Beijing, Ankara and Abu Dhabi are named as Tehran's biggest trading partners.
Treasury Secretary Scott Bessent announced a new US sanctions campaign aimed at cutting off nearly all revenue streams that fund Iran, and he warned other countries to sever economic ties with Tehran or face possible retaliation.
According to Bessent, the initiative — which he described as "Operation Economic Extermination" — is designed to "tighten the noose and block every potential source of revenue" for what he called the "evil Iranian regime."
Administration message and scope
In a forceful statement, Bessent said the effort was launched by presidential order and will involve the Treasury and other agencies in an unprecedented campaign against the Islamic Republic and its backers. He made clear Washington may seek to enforce secondary sanctions, although he did not list specific countries by name.
Still, the Treasury emphasized that China, Turkey and the United Arab Emirates remain Iran's largest trading partners and therefore are particularly exposed to the new measures. The US move aims to add pressure on an economy already squeezed by earlier sanctions and a maritime blockade.
Bessent announced the campaign shortly after the Iranian currency hit a record low, using the development to underscore the intended effect of the new measures.
Photo: press material from the event
