US threatens countries with sanctions if found purchasing Iranian oil

The United States announced the launching of an "economic D-day" on Iran aimed at cutting off the Middle Eastern nation's economic lifeline.

Washington further threatened any nation or entities found to be assisting the flow of funds into Iran or purchasing the country's oil, stressing that they will be subject to US sanctions and could be removed from American financial systems.

This as Tehran criticised the US for engaging in "economic terror", adding that Iran will not sit by idly as it prepares for a counterattack.

Speaking to the press in Washington on Monday, US Treasury Secretary Scott Bessent highlighted the D-day landings executed by Allied forces during World War II as a fatal strike against Nazi Germany, comparing it to Washington's latest measures targeting Iran.

Today, in that same spirit, we are launching an economic onslaught against Iran's financial connections around the globe.

Our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone.

The US' latest attempt to isolate Iran economically is aimed at five critical sectors -- the latter's digital assets, technology, gold, aviation and shipping.

Another 60 organisations or entities, individuals, vessels have also been sanctioned.

The US Treasury Secretary also noted US President Donald Trump already notified several world leaders of the measure and requested that they cut trade ties with Tehran.

Bessent also threatened that countries found purchasing or transporting Iranian oil will be subject to similar sanctions and economic isolation.

We want to make clear here today that no one is above the reach of US sanctions.

If they facilitate transactions and are part of the ecosystem that turns Iranian oil into money, into repression, they will be targeted.

This as the US Department of the Treasury said targets of its sanctions include entities located in China, the United Arab Emirates, Singapore and Europe.

The Treasury Secretary talked about economic asphyxiation of the Iranian regime.

This comes as negotiations have sputtered and the war has been inconclusive for more than six months.

Iran has still bottled up the Strait of Hormuz, through which about 20 percent of the world's oil flows.

That's pushed up oil and gas prices here in the United States.

The secretary clearly wants to force other countries to essentially choose sides and decide whether or not to continue to do business with Iran.

Meanwhile, Iranian President Masoud Pezeshkian criticised Washington's move as unhelpful to ending the conflict, while an advisor to Iranian Supreme Leader Mojtaba Khamenei said the US' threats have only strengthened Iran's resolve.

Iranian Economy Minister Seyed Ali Madanizadeh described the American policy as "economic terrorism", adding that Iran is fully prepared to deal with Washington's attacks.