US Treasury Secretary Scott Bessent is preparing to unveil what he’s calling “the toughest sanctions in history” against Iran, a sweeping economic offensive designed to choke off Tehran’s remaining lifelines to the global economy. The announcement is scheduled for August 24, 2026, at 2 p.m. ET.
What we know about the new sanctions
Bessent has framed the upcoming package as part of a comprehensive strategy that goes well beyond the traditional sanctions playbook. The measures will complement an ongoing naval blockade in the Strait of Hormuz, the narrow waterway through which a massive share of the world’s oil supply flows daily.
President Trump has described the broader campaign as an “economic D-Day” against Iran and any country that continues doing business with Tehran.
The most pointed warning has been directed at China, which accounted for over 80% of Iran’s seaborne oil exports in 2025. Beijing has responded by calling for diplomatic solutions.
