New U.S. Sanctions Target All Potential Revenue Sources For Iran, Bessent Says

Treasury Secretary Scott Bessent announced new sanctions Monday aimed at cutting off all potential revenue sources for Iran, warning countries doing business with Tehran that it's 'no longer acceptable to operate in the gray spaces.' He did not name which nations could face secondary sanctions, though China, Turkey, and the UAE are Iran's largest trade partners.

Iran's rial fell to a record 2.02 million to the dollar as trading opened, far from the official central bank rate of about 1.5 million, with rice prices up 60 percent and beef up more than 150 percent since the war began. The IMF forecasts Iran's GDP will contract more than 5 percent.

Despite the economic pain, the report notes Iran retains leverage: its threats in the Strait of Hormuz have nearly halted a waterway that once carried a fifth of the world's traded oil, and Iran is now refusing to fully reopen it without being able to charge ships. Trump declared on social media that 'IRAN IS COMPLETELY COLLAPSING!!!' while Oman and Iran reportedly near a deal on joint management of the strait.

The full dispatch is available from the source below.