Story perspectives

Treasury Expands Iran Sanctions on 60+ Entities

8/26/2026

Summary

Bessent Expands Sanctions

U.S. Treasury Secretary Scott Bessent expanded sanctions on Iran, targeting more than 60 entities.
Bessent called the package an “economic D-Day” and the greatest financial offensive against Iran.
He warned that anyone laundering Iran’s money will be removed from the U.S. dollar system.
Hudson Institute’s Michael Doran said the sanctions have pushed Iran’s rial down about 65% since President Donald Trump’s election.

Summary

China Buys Iran

Chinese firms purchase about 80-90% of Iran’s oil exports, per Kpler and Vortexa data.
Chinese customs omit these shipments, masking the trade’s scale.
July-August 2026 imports fell to ~530,000 barrels per day, 36% lower than H1 2026.
The decline reflects Hormuz closure, Houthi attacks and Bab al-Mandeb disruptions.
Cosco Shipping and China Merchants Energy Shipping halted transits through both chokepoints in July 2026.

History

Historical Context

In July 2010 the Obama administration enacted the Comprehensive Iran Sanctions, Accountability, and Divestment Act, halving Iran’s oil exports and freezing many entities. Successive measures—Congress’s 2013 sanctions vote, the 2018 JCPOA withdrawal, and February 2026 sanctions on 30 oil-related actors—culminated in Treasury Secretary Scott Bessent’s 2026 order targeting 60 firms. The pattern shows persistent U.S. pressure on Iran’s petroleum sector.

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Bessent Expands Sanctions

U.S. Treasury Secretary Scott Bessent expanded sanctions on Iran, targeting more than 60 entities.
Bessent called the package an “economic D-Day” and the greatest financial offensive against Iran.
He warned that anyone laundering Iran’s money will be removed from the U.S. dollar system.
Hudson Institute’s Michael Doran said the sanctions have pushed Iran’s rial down about 65% since President Donald Trump’s election.

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