The United States on Monday initiated a new wave of sanctions against Iran, targeting digital assets, gold, aviation, and shipping sectors, a move described by Treasury Secretary Scott Bessent as an economic D-Day. This action marks a strategic shift in the nearly six-month-long conflict, aiming to intensify economic pressure on Iran’s leadership.
Iranian Economy Minister Ali Madanizadeh stated Monday that Tehran has been preparing for these new sanctions for an extended period and is ready to confront them. Madanizadeh predicted another defeat for the U.S., asserting that Iran has a two-year plan to counter Washington’s measures. Iran’s foreign ministry spokesman also warned Monday that Tehran would respond forcefully to the sanctions, including taking measures against countries perceived as cooperating with the U.S.
The U.S. Treasury Secretary threatened to sever economic ties with Iranian allies that continue financial partnerships with Tehran. China, a significant buyer of Iranian oil, defended its cooperation with Iran on Tuesday, with a foreign ministry spokesperson stating that China will firmly safeguard its own rights and interests and that its cooperation with Iran should not be interfered with or disrupted. China’s foreign ministry spokesperson Lin Jian previously criticized the U.S. move, saying it would only exacerbate tensions and escalate the situation.
Amidst these developments, an oil tanker was struck and disabled by an unknown projectile in the Strait of Hormuz off the coast of Oman, according to the United Kingdom Maritime Trade Operations. The incident, which caused damage to the engine room but no casualties, occurred 9 nautical miles northeast of Ash Shishah. Tehran has maintained an effective blockade of the strait since late February, seeking to impose tolls for passage and attacking ships it accuses of circumventing its preferred route.
On Monday, the U.S. military reported redirecting 71 commercial ships as part of its blockade against Iran, an increase of seven vessels since the previous week. Over 40 ships carrying humanitarian aid have been permitted to pass. The Iranian currency, the rial, reached a new record low against the U.S. dollar on Monday, trading at 2.02 million to the dollar on informal markets. The official Central Bank rate was approximately 1.5 million rials to the dollar.
In other related news, Israeli Prime Minister Benjamin Netanyahu claimed Monday that Iran attempted to assassinate one of his sons, though no further details were provided. Additionally, the South Korean military announced Monday that the U.S. canceled a large, joint military exercise, Ssang Yong, scheduled for next month, citing force limitations due to the conflict with Iran.
