US unveils 'economic D-Day' of sanctions to isolate Iran
The US Treasury has announced new sanctions targeting Iran's revenue sources, warning international entities to cease business with the country or face exclusion from the dollar-based financial system. Officials are allowing time for compliance to avoid destabilizing the global economy.
Why it matters
This represents a major escalation in US economic policy toward Iran, impacting global energy markets and international trade relations.
US Treasury Secretary Scott Bessent said Washington would be working with US partners to target any source of Iran's "illicit revenue".
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)
WASHINGTON: The US on Monday (Aug 24) unveiled an expansion of sanctions that it said would cut off Iran's economic lifeline but stopped short of the most punishing measures, instead putting the world on notice to cease doing business with the Islamic Republic.
Treasury Secretary Scott Bessent said other countries would need to sever business ties with Iran or risk being forced out of the dollar-based financial system.
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