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U.S. Treasury Secretary Scott Bessent announces new sanctions against Iran at the Treasury Department's Cash Room in Washington, D.C., on the 24th (local time). / AFP, Yonhap

The Donald Trump administration of the U.S. has announced new measures to significantly expand the scope of sanctions targeting countries or companies economically linked to Iran, including those conducting transactions with the country, in an effort to cut off the regime's financial lifelines and international transaction networks.

At a press conference held at the Treasury Department building in Washington, D.C., on the 24th (local time), U.S. Treasury Secretary Scott Bessent stated, "To leave no ambiguity about the U.S. position, anyone who maintains economic relations in any form with this murderous regime will face the formidable power of the United States," the Wall Street Journal (WSJ) and other outlets reported.

Designating this package of sanctions as "Operation Economic Outcast," Secretary Bessent stated that, as part of the initiative, "the Treasury has identified every link, every facilitator, and every network that Iran has used to smuggle oil and evade sanctions."

He explained that the U.S. is sanctioning more than 60 entities, individuals, and vessels worldwide that support the Iranian regime in procuring nuclear and missile technologies, generating oil revenues, and conducting cyber operations.

Immediately following the press conference, the Treasury Department announced that secondary sanctions could be applied to countries and companies engaging in transactions with Iran across five sectors: digital assets (cryptocurrency), technology, gold, aviation, and maritime shipping.

Treasury officials suspended multiple general licenses related to money transfers and provided additional guidance on sanctions risks for companies and individuals complying with Iranian demands in the Strait of Hormuz.

In response, senior Iranian officials projected that these measures would yield little effect.

Iranian Finance Minister Seyed Ali Madanizadeh stated on the same day that Iran is already prepared to counter the U.S. pressure policy, the New York Times (NYT) reported.

In an interview with Iranian state media, Minister Madanizadeh pointed out, "The Iranian government has a two-year plan for national economic affairs, and all matters are included in this plan," adding, "These sanctions are nothing new to Iran."

The Islamic Revolutionary Guard Corps (IRGC) of Iran also criticized the move in a statement released via state media immediately after Secretary Bessent's announcement, stating, "By waging economic warfare and imposing multi-layered sanctions, the adversary is attempting to foster despair, pressure people's livelihoods, and undermine social trust."

                                                                                                           Kim Hyun-min