Scott Bessent to announce new economic measures against Iran

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. Bessent has made clear that third countries maintaining commercial ties with Iran could face severe penalties. The implication is straightforward: choose between access to the US financial system and Iranian crude. The economic pressure ...