US imposes economic sanctions to isolate Iran

The United States has announced new tough economic pressure on Iran. US Treasury Secretary Scott Besant said the pressure is being created to target Tehran's global financial interests.

He made the announcement at a press conference held at the Treasury Department on Monday (August 24).

The US Treasury Secretary said the main goal of the operation is to cut off all sources of Iran's income, including the oil sector, and to prevent other countries and companies from doing business with Tehran.

Scott Besant said, "Our goal around the world is to cut off every economic lifeline for this dictatorial regime to survive, so that Tehran is left completely alone."

He warned those who continue to trade and buy oil with Iran, saying that countries around the world will have to choose between the United States and Iran.This new campaign would risk secondary sanctions on Tehran's trading partners.Besant insisted that no one was beyond the reach of US sanctions.

All countries or institutions that facilitate transactions and are partners in this framework of converting Iranian oil into money and repression will be targeted.

This campaign of economic pressure was called 'Operation Economic Outcast'. Scott Besant also referred to it as 'economic D-Day', comparing it to the Allied landings on the French coast during World War II.

The announcement of economic pressure comes nearly six months after the United States and Israel launched unprovoked attacks on Iran. The US and Israeli strikes killed several top officials, including Iran's Supreme Leader Ayatollah Ali Khamenei, but failed to topple the Tehran regime.

In response, Iran has launched missile and drone attacks across the Middle East. Tehran has also seized control of the Strait of Hormuz, a major global energy route, and has virtually closed it, sending oil and gas prices soaring.

Several rounds of fighting and diplomacy to resolve the crisis have failed. Monday's sanctions move is the latest US effort to pressure Iran to make major concessions, including abandoning its nuclear program and ending attacks on shipping in the Strait of Hormuz.

Besant said that US President Donald Trump has been making "specific requests to cease contact with the Iranian regime" in phone calls with world leaders.

He added that those who stand with the United States will benefit from our partnership, while those who align themselves with the Iranian regime will share in the same exclusive isolation.

US officials said the new sanctions target five critical sectors in Iran: digital assets, technology, gold, aviation and shipping.Tehran has rejected Washington's restrictions, saying the United States is not in an economic position to limit other countries' relations with Iran. 

Iranian Parliament Speaker Mohammad Bagher Ghalibaf claimed that countries that trade with Tehran are not paying attention to the US statement.

Source: Al Jazeera