US announces new sanctions on Iran, threatens to punish countries, entities trading with it

The US has announced a new round of economic sanctions on Iran, targeting all countries conducting business with Iran. Treasury Secretary Scott Bessent described this as 'Operation Economic Outcast' and said the US is launching an economic onslaught to sever Iran’s financial connections. The sanctions will target international entities facilitating Iranian trade in shipping, oil, crypto, gold, and aviation, as well as nearly 60 corporations, individuals, and vessels in multiple jurisdictions. China, Iran’s largest trading partner, has stated it will not comply with unilateral US sanctions. Iran has denounced the sanctions, calling it prepared for an economic war. The US war with Iran has lasted nearly seven months, with the Iran-US MoU expiring last week. President Donald Trump threatened to make the Strait of Hormuz US territory and demanded Tehran surrender. The UAE also suspended trade and financial transactions with Iran.