Treasury Secretary Scott Bessent announces a new set of sanctions against Iran, describing them as “an economic D-Day”, in the Cash Room at the Treasury Department on August 24, 2026, in Washington, DC. Photo: Getty Images via AFP.
US Treasury Secretary Scott Bessent on Monday (August 24, 2026) laid out plans for the “economic asphyxiation” of Iran, expanding Washington’s secondary sanctions threats and warning of dire consequences for countries that decline to join the pressure campaign.
Mr. Bessent’s address comes almost six months into a war on Tehran that has ground to a stalemate, with stalled peace talks and Iran preventing most traffic through the crucial Strait of Hormuz.
“Around the globe, our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone,” Mr. Bessent told a press conference.
“We are going to hold everyone accountable, and this is economic asphyxiation of this regime.”
He added that countries not joining US sanctions would “share in the isolation” of Iran, and noted that Trump is making phone calls to world leaders with requests to stop their interactions with Tehran.
The Treasury Department said Monday that it has “issued determinations against five critical sectors — digital assets, technology, gold, aviation, and shipping — that the Iranian regime uses to try to prop up its failing economy.”
Mr. Bessent, meanwhile, vowed that any entity “that facilitates money laundering on behalf of Iran will be removed from the U.S. dollar system.”
Asked if Chinese banks dealing with Iran could be targeted, Mr. Bessent said “no one is above the reach of U.S. sanctions.”
The Treasury chief earlier declared that an “economic D-Day” had begun against Tehran, in a column for the Financial Times.
The United States and Israel triggered the West Asia war with a massive wave of bombing against Iran on February 28, sparking Iranian retaliation across the region.
Published – August 25, 2026 01:02 am IST
