The United States has announced sweeping new economic sanctions on Iran and countries that trade with it as it seeks to apply more economic pressure to isolate the country from the global economy during a diplomatic deadlock during their war. US Treasury Secretary Scott Bessent on Monday announced the measures, describing the campaign as the “economic asphyxiation” of Iran as the US-Israeli war on the country nears its six-month mark. The US Department of the Treasury imposed new sanctions on nearly 60 individuals and entities, targeting networks accused by Washington of helping Iran generate oil revenue, procure weapons and conduct cyberoperations.
Iran has rejected the latest US sanctions. Economy Minister Ali Madanizadeh said the new measures will fail. We have programmes to counter American sanctions, and Washington cannot achieve its goals by severing the arteries of our economy,” he was quoted as saying by the Fars News Agency.
The US Treasury Department said the latest measures target companies and vessels involved in networks supporting Iran’s nuclear and missile programmes, cyberoperations and oil-revenue generation. The wider sanctions campaign focuses on five sectors that Washington said sustain Iran’s economy: digital assets, technology, gold, aviation and shipping. Bessent said his department has mapped the networks, facilitators and financial channels Iran uses to smuggle oil and evade sanctions.
Entities and individuals targeted are spread from the Middle East to China, Singapore and Europe. According to the Treasury Department, one major target is a procurement network of more than 20 people and entities across the Middle East and East Asia that is accused of helping Iran obtain sensitive technology for nuclear research and ballistic missile development. Below are the entities based in Iran and beyond that are impacted by the sanctions: Iranian government ministries have been the primary targets, including the Ministry of Intelligence and Security (MOIS) and the Ministry of Defence and Armed Forces Logistics (MODAFL).
Organisations associated with them are also on the sanctions list, including Iran-based logistics firm Noavaran Axis Private Joint Stock Company (BRE Line), which the US Treasury accused of facilitating shipments to the already-sanctioned Organization of Defensive Research and Innovation, which is part of MODAFL. The US also sanctioned several individuals related to the MOIS, including Mohammad Hossein Aslani, Reza Kadkhodai and Arman Kahzadian, who it accused of being involved in cyberactivities. Sweet Ocean Industrial Ltd was among the dozen or so Hong Kong-based entities sanctioned.
The US Treasury accused it of acting as an intermediary for sensitive equipment destined for Malek Ashtar University of Technology in Iran, which is sanctioned by the US, European Union and United Nations. Several companies linked to its procurement network, including RPT Technology Ltd and Shenzhen Sweet Ocean Technology Ltd, were also targeted. Feili Co Ltd, Minvur Ltd, Feisu Ltd and Guska Co Ltd were also sanctioned for allegedly being part of a procurement network benefitting multiple Iranian end users.
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