US Sanctions 60 Entities, Warns of 'Economic D-Day' Against Iran
SCMP · 1 SOURCESabout 2 hours ago2 MIN
Summary
The United States on Monday announced fresh sanctions against 60 entities across multiple countries, including China and Hong Kong, as part of what the Trump administration dubbed "Economic D-Day" against Iran. Treasury Secretary Scott Bessent issued a stark warning that any entity facilitating money laundering for Iran will be removed from the US dollar system. The measures aim to choke off Tehran economically after military strikes and diplomatic negotiations failed to end the six-month-long conflict or reopen the Strait of Hormuz.
Key Points
- The Treasury Department imposed sanctions on 60 entities spanning multiple countries, including targets in China and Hong Kong, targeting networks that help Iran smuggle oil and evade restrictions .
- US Treasury Secretary Scott Bessent stated that entities facilitating money laundering on behalf of Iran will be "removed from the US dollar system," warning that "the clock just started ticking" .
- President Donald Trump posted "IRAN IS COMPLETELY COLLAPSING!!!" on social media hours before the announcement, while Bessent said Trump is making direct calls to world leaders requesting they halt engagement with Tehran .
- The measures could complicate the fragile US-China trade truce weeks before Chinese leader Xi Jinping is expected to visit Washington for a bilateral summit with Trump .
- Last week, Bessent urged China to join Washington's efforts, arguing that Beijing's dependence on Gulf energy supplies gives it a strong incentive to help end the conflict .
Why It Matters
These sweeping secondary sanctions represent a significant escalation in Washington's pressure campaign and could force countries and companies worldwide to choose between doing business with Iran or accessing the US financial system. The timing, just weeks before a planned Xi-Trump summit, raises questions about whether the measures will strengthen or undermine diplomatic efforts to resolve the ongoing Hormuz crisis.
These sweeping secondary sanctions represent a significant escalation in Washington's pressure campaign and could force countries and companies worldwide to choose between doing business with Iran or accessing the US financial system. The timing, just weeks before a planned Xi-Trump summit, raises questions about whether the measures will strengthen or undermine diplomatic efforts to resolve the ongoing Hormuz crisis.