Source: U.S. Treasury will expand scope of secondary sanctions against Iran

A source familiar with Trump's plans said that the U.S. Treasury is expected to expand the scope of secondary sanctions the Treasury can impose on entities and countries who maintain business ties with Iran.

Sources said that the action was intended to send a final message to countries to cut off their business relations with Iran to force a resolution to the conflict which has been raging for nearly six months and has caused the Strait of Hormuz to be blocked.

U.S. Treasury secretary Scott Bessent will announce more details about the Iran actions at a press conference on Monday, 1 p.m. (1700 GMT). Bessent will also 'provide a broader overview of the economic pressure campaign against Iran, which he and President Donald Trump have described as an 'economic D-Day.' He will make it clear that countries must side with the U.S. if they don’t want to risk having their key companies and financial entities cut off. (Reporting and editing by Alex Richardson; Reporting by David Lawder)

(source: Reuters)