WASHINGTON – The U.S. on Monday unveiled an expansion of sanctions that it said would cut off Iran’s economic lifeline but stopped short of the most punishing measures, instead putting the world on notice to cease doing business with the Islamic Republic.
Treasury Secretary Scott Bessent said other countries would need to sever business ties with Iran or risk being forced out of the dollar-based financial system. But he declined to identify the countries that would be targeted or reveal when those penalties would take effect, saying he would instead provide them time to comply with the new directive.
“We are giving everyone the opportunity to remedy bad behavior. Why would I want to blow up the global financial system?” Bessent said at a news conference.
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