• Vows action against countries, individuals doing business with Iran
•Iran says sanctions will fail , vows retaliation
•Oil prices fall 2.4% as market weighs China risk
Emmanuel Addeh in Abuja
The United States yesterday imposed sweeping new sanctions on Iran, targeting its military procurement networks, petroleum and petrochemical traders, shadow fleet operators and other entities accused of helping Tehran generate revenue and sustain its military activities.
The measures, announced by the US Department of State and Treasury, came under what Washington described as “Operation Economic Outcast”, a broader campaign aimed at cutting Iran off from international financial and commercial networks.
The latest action targets nearly 60 individuals, entities and vessels, according to the US government, with the sanctions covering Iranian military activities, procurement, cyber operations and petroleum and petrochemical revenue generation.
The US said the measures were designed to restrict the revenues used by the Iranian regime to attack its neighbours, support terrorism and sustain its military capabilities.
The sanctions also target companies and intermediaries in third countries involved in the purchase, transportation and marketing of Iranian petroleum and petrochemical products.
Among those sanctioned were India-based companies accused of importing Iranian petroleum products, Turkish companies involved in petrochemical trade, a Hong Kong-based company accused of operating a tanker carrying Iranian crude, as well as an India-based customs broker.
US Treasury Secretary, Scott Bessent, described the campaign as an “economic onslaught” against Iran and said Washington’s objective was to sever the financial lifelines sustaining the Iranian regime.
Bessent warned that entities facilitating transactions involving Iranian oil and helping convert the country’s petroleum revenues into funds for the regime could be targeted. He also said US President Donald Trump was contacting world leaders and demanding that they cease economic interactions with Tehran.
The announcement has raised particular questions about China, Iran’s largest trading partner and a major buyer of its oil.
China has opposed unilateral sanctions and called for political and diplomatic efforts to resolve the conflict, potentially setting the stage for a confrontation between Washington and Beijing over enforcement of the new measures.
But he declined to identify the countries that would be targeted or reveal when those penalties would take effect, saying he would instead provide them time to comply with the new directive.
“We are giving everyone the opportunity to remedy bad behaviour. Why would I want to blow up the global financial system?” Bessent said at a news conference.
The US also sanctioned senior Iranian military officials, including Islamic Revolutionary Guard Corps (IRGC) Commander Ahmad Vahidi, Khatam ol Anbia Central Headquarters commander Ali Abdollahi and IRGC Aerospace Force commander Sayyed Hosein Majid Musavi Eftekhari.
Washington accused the officials of directing or supporting Iran’s military activities, including ballistic missile and unmanned aerial vehicle programmes.
The US also designated the Iranian Islamic Revolutionary Guard Corps Cyber-Electronic Command, accusing it of obtaining information on US military assets and facilities to support Iranian military targeting operations.
The sanctions extend beyond Iran, with Washington warning companies and individuals in other countries that facilitate Iranian oil and petrochemical transactions that they could also face restrictions.
Among the companies targeted was India-based Sadashiva Overseas Limited, which the US said imported approximately $69 million worth of Iranian-origin petroleum products between February 2024 and June 2025.
Another Indian company, PP Softtech Private Limited, was accused of importing about $25 million worth of Iranian petroleum products between January 2024 and June 2025.
Prakrutees Infra Impex India Private Limited was also sanctioned for importing Iranian petroleum products valued at about $25 million between May 2023 and February 2026.
The US further targeted Hong Kong-based Selenium Resources Limited, which Washington said exported more than $22.8 million worth of Iranian-origin petrochemical products between January 2023 and September 2024.
The measures also hit Turkey-based Huzur Plastik, which the US said imported Iranian-origin polyethylene valued at $28 million between June 2022 and May 2024.
The US said the sanctions would block the property and interests in property of designated persons that are located in the United States or controlled by US persons.
It also warned that entities owned, directly or indirectly, by blocked persons by 50 per cent or more would equally be subject to the restrictions.
The measures effectively prohibit US persons and transactions within or transiting the United States from dealing with the sanctioned individuals and entities unless authorised by the US Treasury’s Office of Foreign Assets Control.
The latest sanctions formed part of a broader US attempt to intensify economic pressure on Tehran after Washington and Israel failed to achieve a decisive outcome through military action.
Iran: Sanctions Will Fail
In a reaction, Iran rejected the latest US sanctions, describing Washington’s renewed economic pressure as a sign of desperation and insisting that the measures would not force Tehran to surrender.
Iranian Foreign Minister, Abbas Araqchi, said the shift from military operations to sanctions showed that Washington was running out of options.
“The fact that they (U.S. leaders) have moved on from military operations … to bring up the same old plans shows that they are desperate,” Araqchi said.
He maintained that Iran had already endured blockades and military pressure and would withstand the latest measures.
“We have never been afraid. All of their actions – whether blockades or other military moves they have made – have failed, and this new issue of theirs will fail as well,” he said.
Araqchi called instead for a settlement based on “justice and honour”.
Iranian military officials have separately threatened retaliation against countries that cooperate with the US sanctions campaign, with the response potentially involving land, sea, air or cyber operations.
The sanctions come amid the continuing crisis around the Strait of Hormuz, where disruptions to shipping have already placed pressure on global energy markets.
With Iran’s oil exports, the strategic waterway and international financial transactions now at the centre of the confrontation, the latest US measures could widen the economic consequences of the conflict beyond Washington and Tehran.
Oil Prices Fall 2.4% as Market Weighs China Risk
Meanwhile, the fresh US sanctions on Iran triggered a sharp reversal in oil prices yesterday, with Brent crude falling 2.4 per cent to $92.17 a barrel and West Texas Intermediate (WTI) dropping 2.4 per cent to $85.01, after six consecutive sessions of gains.
Market analysts said the immediate impact of the sanctions on Iranian oil exports could be limited because Tehran’s crude shipments have already been constrained by the US blockade, while China, the principal buyer of Iranian oil, has historically resisted Washington’s sanctions.
Jorge Leon, head of geopolitical analysis at Rystad Energy, said the immediate measures appeared less dramatic than the rhetoric surrounding them, arguing that the bigger threat to global oil markets could come from Iran’s response.
“The biggest oil-market risk may not be the sanctions themselves, but Iran’s response to them,” Leon said, warning that Iran still had considerable capacity to disrupt other countries’ oil exports.
David Oxley of Capital Economics similarly said that although the sanctions were broader in scope, their immediate effect on Iranian energy flows could be limited because most of Iran’s oil exports go to China.
“In practice, though, we suspect that the new package will have only a limited direct impact on Iranian energy flows in the short term,” Oxley said.
He noted, however, that the sanctions could still have a sizeable impact on the global energy landscape depending on whether they accelerate or delay a resolution to the conflict.
The market reaction underscored the importance of China’s response to Washington’s latest measures. Beijing has opposed unilateral US sanctions and called for diplomatic efforts to resolve the conflict, potentially limiting the immediate effectiveness of Washington’s attempt to isolate Tehran economically.