The move mainly targets Iran’s oil trade and financial networks, including businesses and banks that help Iran avoid sanctions.
US Treasury Secretary Scott Bessent speaks during a press conference to outline further sanctions against Iran, at the Treasury Department in Washington, DC, US, Aug 24, 2026. (Photo: REUTERS/Evelyn Hockstein)
25 Aug 2026 02:43AM
WASHINGTON: The US on Monday (Aug 24) announced an expansion of secondary sanctions it hopes will "sever every economic lifeline" that sustains Iran, US Treasury Secretary Scott Bessent said at a press conference.Bessent unveiled what he described as an "economic D-Day" that aims to give a final warning to countries to cut their business ties with Iran or risk having key companies and entities cut off from the dollar-based financial system."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.The move is part of US efforts to put pressure on Iran to end the attacks on ships in the Gulf and, more recently via its allies, in the Red Sea, that Tehran launched after the US and Israel began air strikes against it in February. Iran has said it will have the opposite effect.
