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.Recommended Stories list of 3 itemslist 1 of 3US launches ‘Operation Economic Outcast’ to cut Iran’s economic lifelinelist 2 of 3Video: Iran reacts to US ‘economic D-Day’ sanctionslist 3 of 3Pakistan’s army chief back in Iran: Can he break peace talks deadlock?end of list“Around the globe, our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone,” Bessent said at a news briefing.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. “US sanctions against us are not new. 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.Here is what you need to know:Who are the 60 entities targeted and why?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.“The network has enabled Iran to obtain highly sensitive dual‑use technology through a sprawling system of front companies, covert financial channels, and logistics intermediaries across East Asia, allowing sanctioned Iranian military institutions to disguise end users and evade global export controls,” the US Treasury said in a statement.Below are the entities based in Iran and beyond that are impacted by the sanctions:IranIranian 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.Hong KongSweet 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.Three companies accused of facilitating payments for Iran’s “clandestine ‘shadow banking’ networks”, including for Iranian exchanges Seyyed Mohammad Mosannai Najibi and Partners Co, already under US sanctions, were also targeted by the new measures.Tiany Technology Ltd and MT Trading and Logistics HK Ltd were sanctioned for acting as intermediaries for Shenzhen Sweet Ocean Technology Ltd.The Hong Kong-registered shipping company Shipoil Ltd was also accused of coordinating bunkering and other services for vessels carrying Iranian crude oil and petroleum products for sanctioned entities, such as the Persian Gulf Petrochemical Industries Corp, Triliance Petrochemical, National Iranian Tanker Company and the network of Iranian oil magnate Mohammad Hossein Shamkhani.Others slapped with sanctions are: Sky Oil and Gas Asia, Vienna Shipping Co and Riqueza Group Ltd.ChinaThe sanctioned Chinese entities appear on the US list primarily for helping with procurement, logistics and shipping support for Iran’s nuclear, missile and oil‑revenue networks.At the core of the procurement network is Shenzhen Sweet Ocean Technology Ltd, a China‑based firm specialising in test instruments, lab devices, optical and electronic products, and acting as a procurement and sourcing agent for Iranian customers. Its director, Tian Jianbai, was also sanctioned.Shenzhen Huamei Lianyun International Logistics Co Ltd was sanctioned for serving as the designated service provider in China for Iran‑based BRE Line, facilitating shipments to Iran’s Organization of Defensive Research and Innovation, the entity the US said is responsible for nuclear weapons research.Additionally, logistics firms Shenzhen Bositong Logistics Co Ltd, Bositong Supply Chain Shenzhen Co Ltd and shipping company Lilimoon Navigation Inc were also sanctioned.SingaporeSeveral Singapore‑registered entities are designated for operating in the petroleum sector of the Iranian economy or for being owned or controlled by individuals already tied to the sanctioned Iranian oil trade.Azure Shipping Pte Ltd is singled out for its work with the National Iranian Tanker Company. Its former owner, Singapore‑based Mansoor Tayabbhai Gandhi, was also sanctioned, together with two shipping companies he owns, Trans Arctic Global Marine Services and Arc Chartering.Singapore-based Wellbred Capital Pte Ltd and its subsidiaries in Switzerland and the United Arab Emirates, which specialise in petrochemicals, were targeted for acting on behalf of Iranian oil magnate Shamkhani.MalaysiaVast Mart Sdn Bhd was accused of transferring funds to Hong Kong-based Sweet Ocean on “multiple occasions”.United KingdomShipping company Estanica Trading Ltd was included on the sanctions list for operating a Gambia-flagged vessel that allegedly transported hundreds of thousands of barrels of Iranian oil.FranceLa Nivernaise de Raffinage SAS, a cooking oil company, was sanctioned for being owned by the Swiss branch of Wellbred Trading.SyriaUAE-based businessman and Syrian national Mohammad Ahmed Suhil Fattouh was accused of being a broker for Iranian shadow fleets, including the previously sanctioned National Iranian Oil Company and the oil sales arm of the Iranian military’s General Staff.UkraineUAE-based businessman Ivan Obukhov was accused of being a broker for Iranian shadow fleets, including for the Islamic Revolutionary Guard Corps (IRGC).Marshall IslandsThe Sifra Shipping Co was sanctioned for operating the Botswana-flagged vessel SIFRA and allegedly transporting hundreds of thousands of barrels of Iranian liquefied petroleum gas and ethylene.GreeceGreek nationals Almpertos Tsoris and Georgios Tsoris were linked to the Shipoil network and accused of coordinating with sanctioned Iranian entities and providing bunkering services.Which countries have been affected?