US tightens financial noose around Iran with new sanctions

WASHINGTON (MNTV) — The United States has announced its most sweeping financial pressure campaign against Iran to date, targeting the country’s remaining revenue channels and warning foreign governments and businesses that continued economic ties with Tehran could trigger U.S. retaliation.

U.S. Treasury Secretary Scott Bessent described the campaign as the “single greatest financial offensive ever,” saying Washington would seek to sever Iran’s economic connections with the rest of the world until Tehran either faces comprehensive isolation or agrees to a path toward renewed engagement with the global economy.

The Treasury has imposed sanctions targeting networks and financial channels allegedly used by Iran to circumvent existing restrictions and trade oil.

The measures cover sectors including digital assets, technology, gold, aviation and shipping, with nearly 60 entities, individuals and vessels facing sanctions.

Bessent said Washington would no longer tolerate countries operating in what he called “gray spaces” while maintaining economic relations with Iran.

Although he did not identify specific countries for possible secondary sanctions, China, Türkiye and the United Arab Emirates remain among Iran’s most important trading partners.

The campaign comes as Iran’s economy faces severe pressure from years of U.S. sanctions, the ongoing conflict and disruption around the Strait of Hormuz.

Iran’s rial fell to a record low of about 2.02 million to the U.S. dollar on Monday, while the official exchange rate remained substantially stronger, according to Associated Press reporting.

The collapse of the currency has intensified pressure on ordinary Iranians, with food prices rising sharply since the conflict began.

Rice prices have increased by about 60 percent and beef prices by more than 150 percent, while the International Monetary Fund expects Iran’s economy to contract by more than 5 percent.

Washington has presented the sanctions as an effort to force Tehran to change course, but the economic offensive comes with significant risks beyond Iran.

The Strait of Hormuz, through which roughly one-fifth of the world’s traded oil normally passes, has been largely disrupted during the conflict, contributing to higher global energy prices and increasing inflationary pressure.

Iran has warned that it could further restrict oil exports and has demanded that ships obtain permission before transiting the strategic waterway. Tehran’s threats have raised concerns that a prolonged confrontation could create additional shocks to international energy markets.

The latest U.S. measures also come after repeated threats and policy reversals by President Donald Trump’s administration over the course of the conflict.

Earlier warnings of escalating military and economic pressure were followed by diplomatic efforts, including Pakistani mediation that helped facilitate a temporary ceasefire.

Despite Washington’s claim that its campaign is intended to force an Iranian political concession, the pressure has so far produced substantial economic damage without clear evidence of political capitulation. Iranian officials have continued to reject U.S. demands and warned that further escalation would carry consequences.

Iranian Foreign Ministry spokesperson Esmail Baghaei said Monday that Tehran retained options for responding to the latest pressure, warning that an escalation would inevitably produce consequences.

Meanwhile, Pakistan has again attempted to push the United States and Iran toward negotiations. Field Marshal Asim Munir traveled to Tehran on Monday as part of a Pakistani effort to reduce tensions, accompanied by Interior Minister Mohsin Naqvi and other officials.

Munir met Iranian Interior Minister Eskandar Momeni and was expected to meet additional senior Iranian officials. Pakistani officials said the delegation was seeking to encourage Washington and Tehran to return to negotiations rather than allowing the confrontation to deepen.

The financial offensive also arrives as the United States itself faces economic pressure from the conflict. Brent crude was trading around $93 a barrel Monday, while U.S. gasoline prices have climbed above $4 per gallon, adding to concerns over household costs ahead of the November midterm elections.

The escalating sanctions campaign therefore places Iran under unprecedented financial pressure while exposing the United States and the wider global economy to potentially higher energy costs, disrupted trade and further geopolitical instability.