Bessent threatens new Iran secondary sanctions

Treasury Secretary Scott Bessent announced a wave of new sanctions Monday aimed at isolating Iran, promising an "economic onslaught" to "sever every economic pipeline" until Tehran stands alone.

Treasury is sanctioning nearly 60 corporations, individuals and vessels across multiple jurisdictions, targeting shipping, oil, crypto, gold and aviation. The list includes several Chinese nationals. Bessent said Trump is calling world leaders with specific requests to halt trade with Iran, and that any entity laundering money for Tehran will be cut from the dollar system.

He offered no immediate concrete actions against other countries, and markets barely moved. The UAE announced it was ending all trade with Iran ahead of the announcement.

Iranian officials dismissed the threat. Economy Minister Ali Madanizadeh said the government is prepared for economic war and warned of retaliation. Central Bank head Abdolnaser Hemmati said the measures introduce no new pressure, adding Iran began stockpiling foreign currency when the war began.

Analysts question the leverage. Alan Eyre of the Middle East Institute said the White House appears to expect the announcement alone will move countries without follow-up, which he called unlikely. Success hinges on China, India and Russia treating the threats as credible.

Hegseth put the war's cost at $37.5 billion, with broader estimates near $150 billion.