(NewsNation) — Iran pledged to fight back against expanded United States sanctions aimed at isolating its economy, expressing confidence that major trading partners would resist Washington’s pressure campaign.
Almost six months into a conflict the U.S. has struggled to resolve, Treasury Secretary Scott Bessent unveiled the measures Monday but stopped short of the most punishing sanctions.
While he said countries that continued trading with Iran risked being forced out of the dollar-based financial system, he declined to give a timeline or identify which may be targeted, saying he would give them time to comply with the new directive.
“Why would I want to blow up the global financial system?” he said when asked why the measures had not gone further.
‘Atmosphere of fear’: How Iran regime’s threats isolate people from outside world
The Treasury Department announced new sanctions on 60 individuals, entities and vessels, but the list did not feature any of the Chinese financial institutions suspected of facilitating Iran’s oil trade.
“We want to make clear here today that no one is above the reach of U.S. sanctions,” Bessent said in response to a question about Chinese banks.
China says its cooperation with Iran is lawful
China has been the biggest buyer of Iranian oil for several years, although the U.S. blockade of Iran’s ports has cut Iranian oil flows to China since Washington renewed it in mid-July.
Experts said Washington is wary of Chinese retaliation for any sanctions on its banks ahead of expected talks next month between President Donald Trump and Chinese President Xi Jinping, with any curbs on China’s exports of critical minerals especially sensitive.
China said Tuesday its cooperation with Iran is conducted within the framework of international law and should not be interfered with or disrupted.
Oil prices fell for a second day as traders brushed off the impact of the sanctions, although market participants remained wary of Iran’s continued ability to disrupt shipping.
Oil tanker struck near Strait of Hormuz
An oil tanker was struck Tuesday by an unidentified projectile and disabled about 9 nautical miles northeast of Oman’s Ash Shishah, which lies at the entrance to the Strait of Hormuz, the United Kingdom Maritime Trade Operations said.
The strike damaged the vessel’s engine room, while its crew was reported safe, UKMTO said in an advisory note, adding the environmental impact was not immediately known.
Before news of the latest sanctions, Iran threatened both a possible military response and further reduction in oil exports from the Gulf in retaliation for any U.S. economic measures.
After they were unveiled, Iranian Economy Minister Ali Madanizadeh said Iran was prepared.
“Our defense is no longer so defensive; the enemies should wait for an attack,” he told state television. Neither China nor Russia had “accepted” the U.S. measures, he added, predicting that other countries would resist them.
Brigadier General Hossein Mohebbi, a spokesperson for Iran’s Islamic Revolutionary Guard Corps, vowed heavy blows to U.S. vital interests and energy chokepoints if Iran’s infrastructure is threatened, Press TV reported.
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