US Announces Fresh Sanctions on Iran, Treasury Secretary Says Global Trade Won’t Be Held Hostage

The United States has announced new economic sanctions against Iran, with US Treasury Secretary Scott Bessent saying Washington will not allow Iran to hold global trade hostage.

In a statement posted on social media, Bessent said the Iranian government was facing a severe shortage of funds and that the country’s economy was declining, with inflation reportedly exceeding 100%.

He said the US would not allow Iran to use global trade as a tool for pressure or exploit international shipping to support the Islamic Revolutionary Guard Corps (IRGC) and its activities.

Earlier, the US Treasury Department imposed sanctions on two companies accused of working with the IRGC to collect insurance payments from commercial vessels.

According to the US Treasury, the companies were allegedly forcing commercial ships passing through the Strait of Hormuz to purchase maritime insurance, helping generate financial resources for Iranian forces.