Kathmandu— The United States announced a new wave of economic sanctions against Iran on Monday, escalating tensions and threatening to cut off any country from the US dollar system that continues to trade with Tehran. Treasury Secretary Scott Bessent described the move as “Operation Economic Outcast,” targeting nearly 60 entities, individuals, and vessels allegedly involved in illicit nuclear and missile technology trade with Iran, cyber operations, and oil transport. The sanctions come after a failed attempt at negotiations and a warning from President Donald Trump of an “Economic D-Day” should talks not resume.

Sweeping Sanctions Target Global Network

The US Treasury Department stated the new sanctions target entities in multiple jurisdictions, with over a third – 21 – based in China. The department also identified key areas for potential secondary sanctions including digital assets, technology, gold, aviation and shipping. Secretary Bessent indicated that any entity facilitating money laundering on behalf of Iran would be removed from the US dollar system, stating “the clock just started ticking.”

US Demands Global Compliance

According to recent World Bank data, Iran currently exports goods to 147 countries and imports from 114. Bessent revealed that President Trump had personally contacted multiple world leaders over the weekend requesting they cease interactions with Iran, giving them a “defined timeline” for compliance. While he declined to specify which nations were targeted or provide concrete deadlines, Bessent asserted that “no-one is above the reach of US sanctions.”

Iran Dismisses Threats, Issues Warnings

Iranian officials dismissed the US threats as bluster. Senior negotiator Mohammad Bagher Ghalibaf wrote on X (formerly Twitter) that “Americans know that no one buys their bombast,” and claimed Iran’s trading partners were disregarding the statements. Mohsen Rezaei, head of Iran’s Supreme National Security Council, warned that if Gulf states joined the US economic pressure campaign, “not a single drop of oil will leave the Persian Gulf and the Strait of Hormuz.” He further stated Iran would retaliate “in a seismic manner” should President Trump take action.

Despite the escalating tensions, Pakistani Chief of Defense Forces Asim Munir arrived in Tehran on Monday in an attempt to revive peace negotiations, though the US has ruled out returning to talks. The effectiveness of the sanctions and whether other nations will comply remains to be seen.

(With inputs from RT)

Originally published on abcnews.com.np.