US Intensifies Sanctions on Iran as Ceasefire Nears End

The Trump administration announced plans Wednesday to intensify economic pressure on Iran through secondary sanctions, describing the measures as the financial equivalent of military strikes, as a fragile ceasefire nears expiration and a naval blockade persists in the Strait of Hormuz.

Treasury Secretary Scott Bessent outlined the strategy during a White House briefing, stating that the United States would target financial institutions and entities facilitating Iranian oil sales or transactions. "We have told countries that if you are buying Iranian oil, that if Iranian money is sitting in your banks, we are now willing to apply secondary sanctions, which is a very stern measure," Bessent said. "And the Iranians should know that this is going to be the financial equivalent of what we saw in the kinetic activities." The move comes as the administration seeks to compel Iran to negotiate limits on its nuclear program, according to officials familiar with the discussions.

The Treasury Department issued warnings Tuesday to financial institutions in China, Hong Kong, the United Arab Emirates and Oman, accusing them of enabling Iranian illicit activities such as oil smuggling. Two...