Treasury Secretary Scott Bessent has unveiled crushing sanctions against Iran and entities facilitating it during a press conference on Monday.

“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,” Bessent ‌said.

“Our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone,” Bessent told reporters.

The department said it has issued determinations against five sectors — digital assets, technology, gold, aviation and shipping — that the Iranian government is using to prop up its economy. The Treasury has also imposed sanctions on nearly 60 entities, individuals and vessels.

Bessent said it’s “no longer acceptable to operate in the gray spaces” of the conflict.

“Let there be no ambiguity as to the position of the United States,” Bessent told a news conference. “An economic engagement of any kind”  with Iran said Bessent, “will expose those responsible to the full reach of American power.”