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Treasury Sanctions Iran’s Economy, Threatens Secondary Penalties

8/26/2026

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Summary

Story summary

U.S. Treasury Secretary Scott Bessent announced a new sanctions package targeting Iran’s economy.
The package threatens secondary sanctions on any country or entity dealing with Iran’s digital assets, technology, gold, aviation, or shipping.
About 60 individuals, entities and vessels were listed for sanctions across multiple jurisdictions.
Iran’s rial fell to a record low near 2 million per U.S. dollar as inflation neared 90%.

History

Historical Context

In May 2018 President Donald Trump withdrew the United States from the JCPOA and reinstated all lifted sanctions, prompting the EU’s August 2018 blocking statute. The United States added sanctions on 18 Iranian banks in October 2020 and kept expanding measures through 2023-24. The newest U.S. sanctions package extends secondary penalties, following the same 2018 pressure strategy.

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Story summary

U.S. Treasury Secretary Scott Bessent announced a new sanctions package targeting Iran’s economy.
The package threatens secondary sanctions on any country or entity dealing with Iran’s digital assets, technology, gold, aviation, or shipping.
About 60 individuals, entities and vessels were listed for sanctions across multiple jurisdictions.
Iran’s rial fell to a record low near 2 million per U.S. dollar as inflation neared 90%.

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