US Tightens Economic Sanctions on Iran, Targeting 5 Vital Sectors and 60 Entities
The United States government has officially expanded the scope of its economic sanctions against Iran by targeting five strategic sectors considered to be the lifeblood of the country’s economy. The move is part of a large-scale economic operation announced by President Donald Trump’s administration to isolate Iran completely.
US Treasury Secretary Scott Bessent stated on Monday (24/8) that the new sectoral sanctions are designed to cut off Iran’s access to vital resources abroad. In addition to targeting industrial sectors, the US Treasury Department has also added dozens of new names to its sanctions blacklist.
In a press conference, Bessent detailed that the main focus of the sanctions this time includes sectors that Iran has been using to maintain its economic stability amid international pressure.
Bessent stressed that the US has now entered the final stage of its conflict with Iran through the launch of this economic operation. Previously, on Thursday (20/8), President Donald Trump described the move as isolation on an unprecedented scale and urged allied countries to join in.
Tensions between the two countries have deep roots, culminating in reciprocal attacks between the US-Israel and Iran last February. Although there was a memorandum of understanding on cessation of hostilities in mid-June, the agreement failed to last long after both sides again launched attacks.
On the other hand, the aggressive US move has drawn sharp criticism from China. Chinese Foreign Ministry spokesman Lin Jian stated that economic pressure tactics will only worsen the situation in the Middle East.
“Sanctions and pressure tactics do not help in solving problems. They will only cause escalation that benefits no one,” Lin Jian stressed at a press conference in Beijing. China urged both parties to return to the path of political negotiation and stated that it would take necessary steps to protect its legitimate interests from the impact of the sanctions.