Kathmandu— The United States has imposed sweeping new economic sanctions on nearly 60 entities in Iran and abroad, accusing them of supporting Iran's oil revenue generation, weapons procurement, and cyber activities. Treasury Secretary Scott Bessent described the measures as an attempt to economically isolate Iran amid a diplomatic impasse, stating the goal is to “sever every economic lifeline” sustaining the country’s government. The sanctions target networks across the Middle East, China, Singapore, Europe, and beyond, focusing on sectors including digital assets, technology, gold, aviation, and shipping; while Iran has dismissed the measures as ineffective, the US asserts it will continue to pressure Tehran until its policies change.

Targets of the Sanctions

The US Treasury Department’s sanctions primarily target Iranian government ministries, including the Ministry of Intelligence and Security (MOIS) and the Ministry of Defence and Armed Forces Logistics (MODAFL), as well as organizations associated with them. Noavaran Axis Private Joint Stock Company, a logistics firm accused of facilitating shipments to sanctioned entities, was also targeted. Several individuals linked to MOIS, including Mohammad Hossein Aslani, Reza Kadkhodai, and Arman Kahzadian, were named for alleged involvement in cyberactivities.

Global Reach of the Network

The sanctions extend beyond Iran’s borders, impacting entities in Hong Kong, China, Singapore, Malaysia, the United Kingdom, France, Syria, Ukraine, Greece, and Switzerland. In Hong Kong, Sweet Ocean Industrial Ltd was sanctioned for allegedly acting as an intermediary for sensitive equipment destined for a sanctioned Iranian university. Several Chinese firms, including Shenzhen Sweet Ocean Technology Ltd, were targeted for their role in procuring technology for Iran’s nuclear and missile programs. Singapore-based Azure Shipping Pte Ltd was singled out for its work with the National Iranian Tanker Company.

Iran's Response and International Reactions

Iran has dismissed the new sanctions as ineffective, with Economy Minister Ali Madanizadeh stating that Washington will fail to achieve its goals. Iranian government spokeswoman Fatemeh Mohajerani affirmed the country’s resilience, asserting it would navigate these challenges through unity and sound judgment. China criticized the US sanctions, maintaining that cooperation with Iran is within international law and should not be interfered with. Former UN special rapporteur Alfred-Maurice de Zayas warned that the measures could backfire, leading more countries to decouple from the US dollar.

History of Sanctions Against Iran

The United States has imposed sanctions on Iran since its 1979 revolution, targeting various aspects of its economy and political system. These were expanded in the mid-2000s with additional measures against entities linked to the Islamic Revolutionary Guard Corps (IRGC) and state-owned banks. While a 2015 nuclear deal provided temporary relief, the US withdrawal from the agreement in 2018 under President Trump led to the reimposition of sanctions on Iranian oil exports, shipping, and financial sectors.

The US government has indicated it will give countries and companies time to cut ties with Iran before considering further secondary sanctions, while closely monitoring China’s role as a major buyer of Iranian oil.

(With inputs from Al Jazeera)

Originally published on abcnews.com.np.