Iran pledged Tuesday to retaliate against expanded U.S. sanctions intended to isolate its economy, expressing confidence that key trading partners would withstand pressure from Washington.
Almost six months into a conflict the U.S. has struggled to resolve, Treasury Secretary Scott Bessent unveiled the measures Monday but stopped short of the most punishing sanctions.
While he said countries that continued trading with Iran risked being forced out of the dollar-based financial system, he declined to give a timeline or identify which may be targeted, saying he would give them time to comply with the new directive.
"Why would I want to blow up the global financial system?" he said when asked why the measures had not gone further.
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.
