US Treasury readies unprecedented Iran sanctions push

Treasury Secretary Scott Bessent says the US is preparing economic measures against Iran that will have 'never been seen' before, according to The Economic Times. Critics have received the claim with scepticism, pointing out that Iran is already under a naval blockade and thousands of sanctions. India Today notes that the Trump administration has not detailed the new steps, leaving open the possibility of fresh sanctions, tougher enforcement, or measures aimed at countries still doing business with Tehran.

The Economic Times reports that options include targeting Chinese banks that finance Iranian oil purchases, exchange houses in the UAE, and secondary sanctions on any entity doing business with Iran. India Today adds that China buys over 80% of Iran's oil exports, and hitting major Chinese banks risks retaliation from Beijing ahead of a planned meeting between President Donald Trump and President Xi Jinping. Both outlets warn that removing Iranian oil from global markets could raise already elevated prices and hurt US consumers.

Iran has built alternative channels to move money and sell oil outside the formal financial system, making further sanctions potentially less effective. The US has already sanctioned more than 1,000 people, vessels and aircraft since February. Trump and Xi Jinping are expected to meet later this year as the US weighs its next move.