Washington is effectively asking every firm on the planet to choose between Iran and the American financial system.
At a US Treasury press conference on Monday, Scott Bessent laid out a campaign he called an "economic onslaught" against Iran's financial connections, and said he already expects "an announcement of a major financial institution being sanctioned by the end of this week".
The plan, dubbed Operation Economic Outcast, follows Bessent's warning on Sunday of an "economic D-Day" for Tehran.
The US Treasury designated close to 60 companies, individuals and vessels across several jurisdictions, including Chinese nationals, and suspended licences that had permitted limited dealings with Iran.
More significant for foreign businesses is the widening of secondary sanctions into shipping, aviation, gold, technology and digital assets, alongside the existing focus on oil.
