The US has unveiled an expansion of sanctions that it says will cut off Iran’s economic lifeline but stopped short of the most punishing measures, instead putting the world on notice to cease doing business with the Islamic republic.
Treasury secretary Scott Bessent warned other countries would need to sever business ties with Iran or risk being forced out of the dollar-based financial system. He previously urged cooperation from China – the biggest buyer of Iranian oil for several years – although the US blockade of Iran’s ports, renewed in mid-July, has already cut much of the Iranian oil flows to China.
