WorldU.S. President Donald Trump's administration on Monday announced an expansion of secondary sanctions it can impose on ‌entities and countries that maintain business ties with Iran around the world, as Washington significantly ratchets up economic pressure on Tehran with the war nearing its six-month mark.Treasury says it has mapped the networks Iran uses to smuggle oil and evade sanctionsThomson Reuters · Posted: Aug 24, 2026 2:30 PM EDT | Last Updated: 2 hours agoListen to this articleEstimated 3 minutesThe audio version of this article is generated by AI-based technology. Mispronunciations can occur. We are working with our partners to continually review and improve the results.U.S. Treasury Secretary Scott Bessent announced on Monday an expansion of sanctions it could impose against countries and companies that do business with Iran. (Julia Demaree Nikhinson/The Associated Press)U.S. President Donald Trump's administration on Monday announced an expansion of secondary sanctions it can impose on ‌entities and countries that maintain business ties with Iran, significantly ratcheting up economic pressure on Tehran as the war nears its six-month mark.At a press conference, Treasury Secretary Scott Bessent unveiled what he described as an "economic D-Day" aimed at giving countries a final warning to sever 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 ⁠U.S. Treasury Department said it has mapped the networks, facilitators and ‌financial channels Iran uses to smuggle oil and evade sanctions, and that Washington would work with U.S. partners to target any source of Iran's "illicit revenue."The department said it has issued determinations against five sectors — digital assets, technology, gold, aviation and shipping — that the ⁠Iranian government uses to prop up its economy. The Treasury has also imposed sanctions on nearly 60 entities, individuals and vessels.China has for several years been the biggest buyer of Iranian oil. Washington has ‌intensified efforts to clamp down on Chinese purchases but has so far stopped short of designating larger Chinese banks that may be facilitating the trade.WATCH | Iran puts bounty on U.S. soldiers:$30K US dead or alive: Iran's new bounty on U.S. soldiers | About ThatAugust 19|Duration 10:18Iran is offering a $30,000 US bounty to any Iranian who can capture or kill American soldiers. Andrew Chang breaks down why the timing of the announcement matters, its propaganda value, and how realistic it actually is.