US unveils ‘economic D-Day’ of sanctions

Business Recorder reported that the United States on Monday expanded secondary sanctions against Iran, an action Washington described as an “economic D-Day”. Treasury Secretary Scott Bessent said the aim is to cut off the financial channels that sustain Iran, though he did not name the countries that would be hit. The move comes as the administration seeks a way out of a conflict that has raised energy costs and proved unpopular.

Bessent warned countries to end business ties with Iran, or face key companies and entities being shut out of dollar-based finance. Treasury named five sectors, among them gold and shipping, that it says support the Iranian economy, and said these are on notice. It has also hit almost 60 entities, individuals and vessels with penalties, and says it has mapped the networks used to smuggle oil.

Asked about Chinese banks, Bessent said nobody sits beyond the reach of American penalties, while Beijing said sanctions do not help and it would protect its interests. Separately, Iranian media reported that Pakistan's army chief Asim Munir was in Iran for talks, a visit Pakistan said was meant to support peace and stability in the region.