US announces toughest sanctions on Iran, seeks Chinese backing

U.S. Treasury Secretary Bessent announced today that a package of new economic measures aimed at Iran will “collapse” the Iranian government. The Secretary said the measures, which include expanded sanctions on Iranian oil exports, banking transactions and key state‑owned enterprises, are designed to cripple the regime’s financial infrastructure and force a change in its policies.

Bessent outlined that the sanctions will target the Iranian central bank, major oil companies, and a network of entities that facilitate the transfer of funds to the country’s military and proxy groups. The Treasury Department will also tighten enforcement of existing sanctions, increasing penalties for non‑compliance and broadening the scope of entities subject to U.S. jurisdiction. The Secretary emphasized that the measures are part of a broader U.S. strategy to curb Iran’s regional influence and address its nuclear program.

Iranian officials have condemned the new sanctions as a hostile act that will destabilize the region and have called for diplomatic engagement to resolve the dispute. The U.S. government maintains that the measures are necessary to uphold international security and to deter further aggression by the Iranian regime.