WASHINGTON- The US Treasury issued fresh sanctions on Wednesday against companies and individuals based in India and Turkey for their support of Iran, warning that it would continue to go after anyone who supported the Iranian government.
The sanctions are part of the Trump administration’s “Operation Economic Outcast,” which aims to cut off Iran’s ability to sell oil to fund the war with the US and Israel.
Treasury last week said its actions were decimating Iran’s economy, driving the rial currency to new lows and sending domestic inflation rates to levels around 90%. Treasury unveiled the new sanctions a day after Democrats made huge gains in midterm elections, winning control of both houses of Congress as voters expressed anger about the Iran war and its impact in fueling US inflation. Oil prices fell sharply in volatile trading as investors weighed a possible end to the war in Iran.
Treasury Secretary Scott Bessent said the US government would continue to go after anyone who supported Tehran. “We know where you are, and we will sanction those who continue supporting the Iranian regime, whether by land, sea, or air,” he said in a statement. Brett Erickson, managing principal of Obsidian Risk Advisors, said Wednesday’s sanctions sent a powerful message that the Trump administration was escalating its economic warfare against Iran, despite the bruising election results.
US President Donald Trump on Wednesday acknowledged the role the Iran war — and the resulting spike in gasoline prices — had played in the election losses, but said the military conflict was worth it.
