US announces 'unprecedented' sanctions against Iran

US Treasury Secretary Scott Bessent laid out what he described as an "unprecedented" US sanctions campaign against Iran on Monday, warning that every country has a "finite timeline" to shut down activities identified by Washington or face action from the Treasury. The new Iran sanctions will include those on tech, gold, aviation, shipping and covers nearly 60 entities, individuals and vessels. Bessent said President Donald Trump was making phone calls to world leaders with specific requests to cease their interactions with Iran. "Any entity that facilitates money laundering on behalf of Iran will be removed from the US dollar system. The clock just started ticking," Bessent told reporters at a press conference. "Around the globe, our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone," Bessent said, claiming that economic engagement of any kind with Iran "will expose those responsible to the full reach of American power". Besset also hinted that "you will see a major financial institution being sanctioned by the end of this week over Iran", without elaborating. US Treasury Secretary Scott Bessent during a press conference in Washington, DC on 24 August 2026 (Kent Nishimura/AFP)