Iran vowed to retaliate after the United States widened sanctions in CAIRO/WASHINGTON on Monday, while Washington said the measures could cut Iran off from the dollar-based financial system. U.S. Treasury Secretary Scott Bessent said countries that keep trading with Iran risk penalties, but he did not name them or say when they would take effect. Iran said major trading partners would resist U.S. pressure, and Pakistani mediation talks also reported progress on reducing escalation and reopening the Strait of Hormuz.
People walk past shops and a juice stand at a market area in Tehran, Aug. 24. AFP-Yonhap
CAIRO/WASHINGTON — Iran promised to retaliate against expanded U.S. sanctions that the Americans said would cut Iran's economic lifeline, with Tehran expressing confidence that major trading partners would resist Washington's pressure campaign. U.S. Treasury Secretary Scott Bessent unveiled the measures on Monday but stopped short of the most punishing sanctions, saying countries that continued trading with Iran risked being forced out of the dollar-based financial system.
Bessent declined to identify the countries that would be targeted or reveal when the penalties would take effect, saying he would instead give them time to comply with the new directive. The Treasury Department did announce new sanctions on 60 individuals, entities and vessels, but the list did not feature any of the Chinese financial institutions suspected of facilitating Iran's oil trade.
