What's included in the new US sanctions campaign to pressure Iran's economy? - explainer

The United States has declared an "economic onslaught" against Iran, introducing a new wave of sanctions and issuing warnings to Tehran's trading partners. US Treasury Secretary Scott Bessent announced the measures on August 24, 2026, describing them as "an economic D-Day."

The new sanctions target a range of economic activities, including dealings in digital assets like cryptocurrency, technology, gold, aviation, and shipping. The Treasury's Office of Foreign Assets Control (OFAC) has also imposed sanctions on nearly 60 entities, individuals, and vessels identified as facilitating Iranian activities. These include networks supporting Iran's ballistic and nuclear programs, a cyber group accused of attacking US infrastructure, and entities involved in Iranian oil sales.

Furthermore, the US is pressuring other governments to sever economic ties with Iran, setting deadlines for compliance and threatening unspecified actions against those who do not comply. Foreign entities involved in money laundering or sanctions evasion for Iran risk being cut off from the US financial system. The scope of activities that could trigger secondary sanctions on other countries has also been expanded.

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an economic onslaught

OFAC has specifically sanctioned over 20 entities and individuals in the Middle East and Asia for providing financial and logistical support to Iran's nuclear research and missile development. This includes Chinese companies supplying dual-use items to a sanctioned Iranian technology institute. Sanctions are also being expanded against individuals involved in cybercrime and threats to US national security, as well as targeting Iran-linked oil industry assets.

While the announcement detailed significant new measures, it stopped short of some of the most punitive sanctions and did not specify targeted countries or effective dates for all penalties. Additionally, several licenses previously allowing certain remittance payments to Iran and access to US cultural and academic systems have been suspended.

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an economic D-Day