Trump Announces Major Economic Sanctions Against Iran to Intensify Pressure

On August 24, 2026, ahead of a speech by U.S. President Donald Trump, the U.S. Treasury Department announced a significant expansion of economic sanctions targeting Iran. The measures include restrictions on nearly 60 entities, individuals, and vessels linked to Iran’s nuclear, missile, cyber, and oil sectors. General licenses that previously allowed some financial transactions with Iran were suspended. The Treasury identified five key sectors for potential secondary sanctions: digital assets, technology, gold, aviation, and shipping. These sanctions also target a network of Iranian front companies and ships operating in the UAE, Hong Kong, China, Singapore, Switzerland, and Europe.

Treasury Secretary Scott Bessant emphasized a "zero leakage" policy in enforcing these sanctions and stated that Washington is pressuring global leaders to reduce economic ties with Tehran. Countries will be given specific deadlines to cease identified activities, with unilateral U.S. actions threatened if compliance is not met. Among the demands is the closure of Iranian bank branches abroad within set timeframes.

President Trump described the sanctions as "the toughest economic operation ever imposed on any country," aiming to deepen isolation of Iran after it allegedly missed an opportunity for a deal with the U.S. He warned that nations facilitating financial, business, or governmental support to Iran would face severe economic consequences. The U.S. is targeting oil smuggling, cash transfers, ship registries, and shell companies.

The announcement follows earlier steps by the UAE, which suspended all trade, barter, and financial dealings with Iran, affecting an estimated $28 billion in commerce. The Iranian rial plummeted to a historic low, exceeding 2 million rials per U.S. dollar for the first time. The effectiveness of the new sanctions will depend on Washington’s ability to enforce them against key trading partners of Iran.

The U.S. Treasury’s intensified sanctions build on prior measures and signal a coordinated effort to economically isolate Iran further, with global cooperation sought but unilateral action promised if necessary.