U.S. Intensifies Economic Measures Against Iran During Negotiations

The United States is applying increased economic pressure on Iran to encourage agreement on a long-term deal. S. officials requested that Gulf countries conduct deeper investigations into possible Iranian funds held in their banking systems.

This request comes after Iranian attacks on Gulf countries, which may increase those nations' willingness to share information. Treasury Secretary Scott Bessent stated during a White House press briefing on Wednesday that the Gulf governments are now more transparent regarding funds in their systems.

On Tuesday, the Treasury Department threatened to impose new secondary sanctions on financial institutions assisting Iran as part of the administration's economic pressure campaign.

Bessent described these measures as the financial equivalent of recent military activities, without indicating military escalation.

Sanctions and Blockades The administration will not renew a general license for the sale of Russian and Iranian oil that was in transit before March 11.

S. forces would block vessels traveling to or from Iranian ports. These steps aim to impose higher oil and gas prices on Iran, mirroring the economic effects Iran has caused by blocking ships in the Strait of Hormuz and other Gulf waterways.

S. blockade. Two banks received letters from the Treasury stating that proven Iranian funds would lead to secondary sanctions.

Recent Developments and Talks On Wednesday, the Treasury Department's Office of Foreign Assets Control announced sanctions on more than two dozen individuals, companies, and vessels operating under an Iranian oil figure, with some based in the United Arab Emirates.

S. and Iranian representatives met in Islamabad, Pakistan, on Saturday for negotiations, but no agreement was reached. The two sides have not scheduled a new round of talks, though future meetings would likely occur in Islamabad, according to White House press secretary Karoline Leavitt.

Iran requested an extension of a two-week ceasefire, set to end on Tuesday unless a deal is reached earlier. Several senior Iranian leaders have been killed during the ongoing conflict. S. demands affects prospects for further negotiations.