US Treasury to broaden scope of sanctions on those who do business with Iran, source says

The US Treasury is expected to broaden the scope of secondary sanctions it can impose on entities and countries that maintain business ties with Iran as the Trump administration seeks to increase economic pressure on Tehran, a source familiar with the plans tells Reuters.

The action is aimed at giving a final warning to countries to sever their business ties with Iran in an effort to force an end to the nearly six-month conflict that has bottled up the Strait of Hormuz and Gulf energy exports, says the source, who spoke on condition of anonymity due to not being authorized to speak publicly about the matter.

US Treasury Secretary Scott Bessent is expected to announce more details of the Iran actions on Monday at a 1 p.m. Eastern Time (8 p.m. Israel time) press conference. The source said that Bessent also intended to provide a broader overview of an economic pressure campaign against Iran that he and US President Donald Trump have described as an “economic D-Day,” and would make it clear to countries that they must side with the US or risk having key companies and entities cut off from the dollar-based financial system.